PSX ends the week 1.58% lower, shedding 988 points

Pakistan Stock Exchange closing December 22

KARACHI: In a noteworthy departure from the recent bullish trend, the Pakistan Stock Exchange (PS) encountered renewed bearish sentiments, primarily attributed to political unrest.

The benchmark KSE-100 concluded the week at 61,705.09, witnessing a significant decline of 4,424.93 points, or 6.69 per cent on a week over week (WoW) basis. This marks the second consecutive weekly downturn for the market.

Pakistan Stock Exchange Closing Friday December 22
Pakistan Stock Exchange – KSE-100 closing on Friday, December 22

The week commenced with a much-needed correction triggered by over-leveraged positions in the market and profit-taking by investors following an extended rally.

Despite the market correction, the favorable performance of the country’s current account, boasting a surplus of $9 million in November, was overshadowed by the prevailing profit-taking sentiment.

The total volume of the KSE-100 index reached 333.555 million shares, with 14 out of the 100 index companies closing up, 65 closing down, and 21 remaining untraded.

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The decline in the KSE-100 index was led by Oil & Gas Exploration Companies with 210.92, Commercial Banks with 193.11, Cement with 105.21, Technology & Communication with 104.79, and Power Generation & Distribution with 89.31 points.

Conversely, the index found support from Miscellaneous with 5.29, Property with 1.32, Leather & Tanneries with 0.71, Textile Weaving with 0.21, and Vanaspati & Allied Industries with 0.11 points.

Companies exerting downward pressure on the index included PPL with 100.89, HBL with 66.38, OGDC with 59.09, HUBC with 50.46, and TRG with 47.01 points.

On the positive side, companies contributing to the index were HMB with 8.01, PABC with 6.33, ILP with 6.29, SHEL with 6.18, and SCBPL with 4.05 points.

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