KARACHI: The benchmark KSE-100 Index extended its downslide on Tuesday, closing the session at 63,737.46 with a decrease of 531.91 points or 0.83%.
The decline follows the index’s slide on Monday, when it fell by 368.26 points, or 0.57%, to settle at 64,269.38.
After the KSE-100 had an incredible 2023 in which it outperformed practically all major asset classes, analysts claim that investors have been looking for positive triggers that have fallen short.
On Tuesday, the wider market was in the red with Pak Suzuki Motor Company (PSMC) leading the fall in the auto sector over news of the Voluntary Delisting Committee (VDC) offering a price at 50% premium to the sponsor’s original offer. Honda Car and other shares in the space were also deep in the negative zone.
Cement, chemicals and index-heavy oil and gas exploration companies also saw selling pressure.
A total of 407,543,943 shares valuing Rs.12.646 billion were traded during the day as compared to 382,012,304 shares valuing Rs.14.076 billion the last day.
Some 338 companies transacted their shares in the stock market; 92 of them recorded gains and 219 sustained losses, whereas the share prices of 338 remained unchanged.
The three top-trading companies were K-Electric with 50,782,057 shares at Rs.5.79 per share, PTCL with 48,565,635 shares at Rs.13.57 per share and WorldCall Telecom with 32,110,497 shares at Rs.1.36 per share.
Nestle Pakistan Limited witnessed a maximum increase of Rs.200.00 per share price, closing at Rs.8,200.00, whereas the runner-up was Philip Morris (Pakistan) Limited with a Rs.47.67 rise in its per share price to Rs.683.26.
Rafhan Maize Products Company witnessed a maximum decrease of Rs.197.50 per share closing at Rs.9,202.50, followed by Pakistan Services Limited with Rs.68.00 decline to close at Rs.922.00.
