The Pakistan Stock Exchange (PSX) experienced a significant downturn on Tuesday, with the benchmark KSE-100 index plummeting by over 1,400 points in the first hour of intraday trading. This decline followed the International Monetary Fund’s rejection of Pakistan’s plans to reduce circular debt and rationalize tariffs.
Right from the opening bell, the KSE-100 index displayed a bearish trend, swiftly entering the red zone and shedding more than 1,400 points as trading commenced on Tuesday. Starting at 61,065 points, the index plunged to 59,613 points by 9:50 AM, marking a drop of 1,452 points. By 10:50 AM, it stood at 60,536 points, down by 1.61 percent or 981 points.
However, by the end of the session, the index managed to recover slightly, settling at 61,226 points, reflecting an increase of 0.26 percent or 161 points.
The initial decline was primarily attributed to OGDC and PPL following the IMF’s disapproval of Pakistan’s circular debt reduction plan, which had raised expectations of significant dividends in the market.
The most active trading was observed in K-Electric Limited (PSX: KEL) with over 65.8 million shares traded, followed by Worldcall Telecom Limited (PSX: WTL) and Pakistan Refinery Limited (PSX: PRL), which witnessed trading volumes of 30 million shares and 28.6 million shares, respectively.
| SCRIP | PRICE | HIGH | LOW | CHANGE | VOLUME |
|---|---|---|---|---|---|
| KEL | 4.11 | 4.31 | 3.82 | -0.06 | 65,824,727 |
| WTL | 1.23 | 1.25 | 1.16 | 0.02 | 30,099,719 |
| PRL | 25.6 | 27.25 | 24.02 | -0.34 | 28,602,808 |
| PPL | 101.15 | 105.15 | 99.92 | -6.75 | 18,646,972 |
| CNERGY | 3.75 | 3.9 | 3.48 | -0.03 | 18,121,199 |
| PIAA | 9.29 | 9.77 | 8.39 | -0.05 | 16,725,500 |
| OGDC | 124.14 | 126.49 | 124.14 | -10.02 | 14,952,555 |