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PSX begins week on negative note, loses over 200 points

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  • Market closes at 41,348.19 points with a loss of 282.16 points.
  • Benckmark KSE-100 witnesses under-pressure session due to concerns over mounting inflation.
  • Shares of 303 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. 

The market opened in the green but soon witnessed profit-taking. 

At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or 0.68%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the benchmark KSE-100 index witnessed an under-pressure session due to concerns over mounting inflation and an expected rate hike in the upcoming monetary policy.

The volumes remained dry on the main board although decent volumes were witnessed in the third-tier stocks.

The sectors contributing to the performance include fertiliser (-72.6 points), cement (-60.8 points), exploration and production(-33.2 points), automobile assembler (-18.9 points) and pharmaceuticals (-12.9 points).

Shares of 303 companies were traded during the session. At the close of trading, 88 scrips closed in the green, 197 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 86.6 million shares compared with Friday’s tally of 154.03 million. The value of shares traded during the day was Rs3.04 billion.

Sui Northern Gas Pipelines Limited was the volume leader with 12.47 million shares traded, gaining Rs0.93 to close at Rs36.40. It was followed by Agritech Limited with 8.03 million shares traded, gaining Rs0.20 to close at Rs6.74 and Pakistan Refinery Limited with 4.83 million shares traded, losing Rs0.56 to close at Rs16.91. 

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ANF Operation: Police Apprehend 1883 Dealers and Seize 1049 Mt of Drugs

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The Pakistani government along with the military leadership have initiated a strict campaign against drug dealers in an attempt to tackle drug addiction.

1,883 drug dealers have been detained and 1,049.78 metric tonnes of drugs have been recovered by authorities since the start of operations in September 2023.

There were 3.66 metric tonnes of heroin and 47.84 metric tonnes of hashish found among the narcotics confiscated. In addition, 985.20 metric tonnes of various drugs, 9.25 metric tonnes of opium, and 3.83 metric tonnes of meth were seized.

The following drug loads were apprehended by security authorities between September 1 and September 10: 278 kg in Balochistan, 23.63 kg in Khyber Pakhtunkhwa, 11.14 kg in Gilgit-Baltistan, 226.31 kg in Punjab, and 27.73 kg in Sindh.

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Musadik Malik: 10 Fertiliser Plants Receiving Gas at Different Prices

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According to federal minister of petroleum Musadiq Malik, there are ten fertiliser factories in the nation, and the cost of petrol varies depending on the plant.
In response to a query in the Senate, the Minister of Petroleum stated that indigenous gas supplies to these plants do not involve any subsidies.
Additionally, the Minister stated that two of the nation’s plants run on subsidised LNG, with the difference being cross-subsidized to recover costs from RLNG users.
The suspension of Pakistan Tehreek-e-Insaf member Falak Naz Chitrali from the parliament was demanded by members of the Balochistan Awami Party and the treasury benches later in the Senate session.
It was asked by both parties that the PTI Senator be suspended for a full two working days.
Senate Deputy Chairman Seydaal Khan Nasir adjourned the meeting, setting a new date for Saturday.

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Interior Minister Applauds CTD For Conducting Operation Against Terrorists: Terror Bid Foiled In DG Khan

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Interior Minister Mohsin Naqvi praised Punjab’s Counter Terrorism Department for foiling a terrorist plot and taking down Fitna-ul-Khawarij militants in Dera Ghazi Khan.

Fitna-ul-Khawarij’s two terrorists were sent to hell, according to a statement made by the Interior Minister of CTD Punjab.

CTD Punjab, according to Mohsin Naqvi, is spearheading the fight against terrorism.

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