On Monday, 30 September 2024, the Pakistan Stock Exchange (PSX) witnessed a mixed trading session. The index closed at 81,114, marking a net loss of 178 points for the day.
The KSE100 Index opened with a slight decline of 21 points. It gained an intraday high of 207 points but experienced a sharp drop, losing 918 points at one point during the session. Thereafter the market recovered sustaining selling pressure.
Over the past five trading sessions, the KSE100 Index has shed a cumulative 736 points, reflecting a continued downward trend in the market.
Foreign corporates continued their selling spree at the Pakistan Stock Exchange (PSX), recording a net sell of over USD 4 million. Over the last 30 trading sessions, foreign corporates have made cumulative net sales amounting to USD 51.69 million.
In contrast, mutual funds were heavy buyers, making a significant net purchase of over USD 4,59 million today. This marks a substantial shift in market activity, with mutual funds accumulating a total net buying of USD 42.52 million over the past 30 sessions.
Similarly, insurance companies also engaged in large-scale net selling, offloading USD 3,733,268 today. Over the previous 30 trading sessions, insurance companies have collectively sold USD 18.46 million.
If foreign funds had not been consistently selling, the market could have experienced a considerably stronger performance, given the backdrop of local funds shifting towards equities from money market instruments amid declining interest rates.
Major Gainers Today: Several stocks performed well despite the overall market weakness. Crescent Steel (CSAP) led the gainers, closing at PKR 83.3 with a 6.1% increase. Cyan Limited (CYAN) followed closely with a 5.2% rise, while Pakistan National Shipping Corporation (PNSC) gained 4.3%, closing at PKR 370.2. Mari Petroleum (MARI), also notable for its ex-bonus trading, gained 4.1% to close at PKR 425.5. Nishat Chunian Power Limited (NCPL) also saw a solid rise of 3.8%, closing at PKR 26.7.
Over the last five sessions, PNSC led with an impressive 15.4% gain, followed closely by Crescent Steel (CSAP), which surged 15.1%. Fauji Fertilizer Bin Qasim (FFBL) also performed well, gaining 9.2%. Askari Bank (AKBL) climbed 7.3%, while Fatima Fertilizer (FATIMA) recorded a 6.4% increase.
Major Losers Today: At-Tahur Limited (PREMA) led the decline, falling 9.8% to close at PKR 15.3. Artistic Denim Mills (ADMM) followed with a 9.3% loss, closing at PKR 39.3. TPL Trakker Limited (TPLT) dropped by 7.7%, ending the day at PKR 8.8. TRG Pakistan (TRG) saw a 7.5% drop, closing at PKR 48.9, and The Organic Meat Company Limited (TOMCL) declined by 7%, settling at PKR 36.9.
Kohinoor Energy (KOHE) saw a significant drop of 27.1%, closing at PKR 28.18, primarily due to its ex-dividend adjustment. Pak Datacom (PAKD) was down 18.1% at PKR 65.5, while Image Pakistan (IMAGE) suffered a 16.2% decline, closing at PKR 12.94. Lalpir Power (LPL) and Agha Steel Industries (AGHA) also saw steep declines, losing 15.0% and 14.0%, respectively.
