PSX continues bearish trend as KSE-100 loses over 300 points

Pakistan Stock Exchange (PSX) on Monday opened in red and soon after the trading started on the first day of the week, the benchmark KSE-100 index shed 324 pints with a negative change of 0.29%.

As of 9:40 am the index stood at 112,476.74 points against the 112,800.93 points at the end of the previous session.

on Friday the KSE-100 index closed 0.82% lower at 112,800 points, as profit-taking in cement and banking stocks erased earlier gains.

Lucky Cement emerged as a key driver of market sentiment after announcing a five-for-one stock split, subject to shareholder approval. The stock, along with Standard Chartered Bank and TRG Pakistan, contributed positively to the index, while Cherat Cement, MCB Bank, and Abbott Laboratories weighed it down.

Market participants also remained cautious ahead of the upcoming International Monetary Fund (IMF) mission that would discuss a $1 billion climate financing package for Pakistan.

“Stocks closed bearish amid dismal data of large-scale manufacturing (LSM) that shrank 3.73% year-on-year (YoY) in December 2024 and concerns over foreign outflows at the PSX,” said Ahsan Mehanti of Arif Habib Corp.

Weak global crude oil prices, uncertainty about the outcome of tax reforms ahead of IMF review for the release of the next loan tranche, and weak rupee played the role of catalysts in the bearish close of the market, he said.

At the end of trading, the benchmark KSE-100 index registered a sharp decline of 938.23 points, or 0.82%, and settled at 112,800.93.

Arif Habib Limited (AHL) reported that Friday’s decline trimmed week-on-week gains to 0.64%, with profit-taking in the cement sector weighing on the index.

Some 26 shares advanced, while 67 declined, where the biggest contributors to index gains were Lucky Cement (+1.91%), Standard Chartered Bank (+7.53%), and TRG Pakistan (+2.74%). Conversely, Cherat Cement (-7.45%), MCB Bank (-2.17%,) and Abbott Laboratories (-7.21%) were the biggest drags.