KARACHI: The Karachi stock market ended Monday’s session in the red, despite briefly surpassing the 79,000 mark. The KSE 100 index, which saw a high of 79,160.40 intraday, ultimately closed down by 230.37 points or 0.29% at 78,571.06.
Ahsan Mehanti from Arif Habib Corporation attributed the decline to market consolidation near the end of the earnings season and growing security concerns following a surge in terrorist attacks in Balochistan. He noted that while the energy sector saw positive performance due to strong financial results and rising global crude oil prices, uncertainty over IMF tax approvals, IPP dues restructuring, and power subsidies also contributed to the market’s bearish sentiment.
Topline Securities Ltd reported that the market started on a high note with the KSE 100 index crossing the 79,000 mark but faced profit-taking that led to a subdued close. Positive earnings reports from companies like Hubco, Habib Bank, and Shell Pakistan added some uplift to market sentiment.
The trading day saw the power, pharmaceutical, and fertilizer sectors perform well, with notable contributions from Hubco, GlaxoSmithKline Pakistan Ltd, Highnoon Laboratories Ltd, Dawood Hercules Corporation Ltd, and The Searle Company Ltd, which collectively added 336 points. Conversely, selling pressure on Habib Bank Ltd, United Bank, and Abbott Laboratories resulted in a loss of 203 points.
Trading volume fell by 24.92% to 512.33 million shares, although the traded value rose by 3.99% to Rs18.89 billion. High-volume stocks included Symmetry Group Ltd (59.69 million shares), Kohinoor Spinning Mills Ltd (50.61 million shares), and WorldCall Telecom (24.44 million shares).
Significant gainers included Hoechst Pakistan Ltd, Hallmark Company Ltd, Haleon Pakistan Ltd, Khyber Textile Mills Ltd, and Highnoon Laboratories, while notable decliners were Nestle Pakistan, Abbott Laboratories (Pakistan) Ltd, Service Industries Ltd, Unilever Pakistan Foods Ltd, and Rafhan Maize Products Company Ltd.
Foreign investors were net sellers, offloading shares worth $1.20 million.