Shares at PSX make marginal gains after trading in red in intraday trade

Published December 13, 2024
Bears take control of the Pakistan Stock Exchange (PSX) on Friday midday — PSX data portal
Bears take control of the Pakistan Stock Exchange (PSX) on Friday midday — PSX data portal

Bears took over the trade floor at the Pakistan Stock Exchange (PSX) on Friday as shares plunged 1,200 points in intraday trade before recovering at the end of the session.

The benchmark KSE-100 index declined by 1216.86 points, or 1.07 per cent, to stand at 112,963.64 at 12:17pm from the last close of 114,180.50 points.

Finally, the index closed at 114,301.80, up by 121.3 or 0.11pc, from the last close.

Awais Ashraf, director research at AKD Securities, said, “The KSE-100 index is under pressure as commercial bank share prices decline amid expectations of higher taxes, either through a change in the ADR [advance-to-deposit ratio] definition or a direct increase in corporate tax rates.

Meanwhile, he noted that the Fertiliser and Exploration & Production [E&P) sectors continued to perform, providing support to the index by contributing over 500 points.

Yousuf M. Farooq, director research at Chase Securities, said that market was “taking a breather after a huge rally”.

“Corrections are normal and retail investors should ignore short-term fluctuations and focus on the long-term,” he stressed.

A day ago, shares at the PSX continued their record-setting streak as the KSE-100 index climbed more than 3,000 points to surpass the 114,000 mark, which one analyst had noted to be its third highest gain ever.

Over the past 18 months, the benchmark index has gone from trading at the 40,000 mark to over 112,000 with returns noted at 180pc.


More to follow

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Dangerous times
Updated 14 Feb, 2025

Dangerous times

Pakistan accounted for six journalist killings in 2024, of which three were deliberately murdered, according to the CPJ.
Difficult target
14 Feb, 2025

Difficult target

A ONE-two punch delivered by an unforeseen, sharp dip in inflation and an extremely slim base of taxpayers is...
Amazing show
14 Feb, 2025

Amazing show

PAKISTAN’S ability to turn it up at the flick of a switch remains uninhibited. The latest show came in...
Trump’s folly
Updated 13 Feb, 2025

Trump’s folly

This latest pronouncement only reinforces the fears of those who see the plan as a blueprint for ethnic cleansing.
Corruption ranking
13 Feb, 2025

Corruption ranking

IT comes as little surprise. Transparency International’s Corruption Perceptions Index for 2024, unveiled on...
Support from remittances
13 Feb, 2025

Support from remittances

EVEN though workers’ remittances dipped, albeit negligibly, in January on a month-over-month basis, the earnings...