KARACHI: Stocks closed slightly lower on Friday amid fiscal year-end pressure while it recorded a growth of 89 per cent in the fiscal year 2024 (FY24), the highest in the last two decades.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 share Index decreased by 83.29 points or 0.11 per cent to 78,444.96 points against 78,528.25 points recorded in the last session. The highest index of the day remained at 78,784.23 points while the lowest level was recorded at 78,312.36 points.
The KSE100 index’s annual return was recorded at 89 per cent (94 per cent in USD), which were the highest annual gain in the last two decades, said CEO of Topline Securities Mohammed Sohail.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed lower amid pressure at the fiscal year end close and futures rollover on concerns for expected higher CPI inflation for June 24 and $918 million profit repatriations causing massive foreign outflows in May 24.”
He said over leveraging, and concerns for tough tax measures in the approved federal budget FY25 played a catalyst role in the bearish close.
The KSE-30 index decreased by 150.74 points or 0.59 per cent to 25,282.04 points against 25,432.78 points.Traded shares increased by 64 million shares to 347.671 million shares from 283.542 million shares. The trading value increased to Rs11.899 billion from Rs11.067 billion. Market capital expanded to Rs10.374 trillion against Rs10.333 trillion. Of 435 companies active in the session, 189 closed in green, 170 in red and 76 remained unchanged.
Nabeel Haroon, an analyst at Topline Securities, said range-bound session was observed on the last trading session of the week. Major positive contributions to the index came from FABL, MEBL, PSEL, NESTLE and PTC as they cumulatively contributed 155 points. On the other hand, MCB, UBL, OGDC, HUBC and FFC lost value to weigh down on the index by 310 points.
The highest increase was recorded in Nestle Pakistan Limited shares, which rose by Rs227.25 to Rs7,154.17 per share, followed by Ismail Industries Limited, which increased by Rs114.87 to Rs1,482.14 per share. A significant decline was noted in Rafhan Maize Products Company Limited, which fell by Rs56.95 to Rs7,593.05 per share, Thal Limited followed it, which closed lower by Rs11.60 to Rs483.34 per share.
Brokerage Arif Habib Ltd stated that the PSX experienced a week-on-week (WoW) decline of 0.53 per cent, with the KSE-100 index consolidating above the 78,000 level.
This concludes a remarkable fiscal year (FY24), during which Pakistan has returned +94 per cent in USD terms, topping the global performance charts. The fiscal year has seen Pakistan transition from the brink of default, with numerous companies exiting the market, to becoming the top performer globally.
Looking ahead to the coming week, support is expected in the 77-78k range. Maintaining levels above this range would indicate potential moves through the 80,000 mark, suggesting continued strength and resilience in the market.
PTCL remained the volume leader with 70.992 million shares which closed higher by Re1.00 to Rs12.01 per share. K-Electric Ltd followed it with 18.700 million shares, which closed lower by 4 paisas to Rs4.63 per share.
Other significant turnover stocks included WorldCall Telecom, Faysal Bank, Pervez Ahmed Co, Pak Int. Bulk, National Bank XD, Fauji Fert Bin, TRG Pak Ltd and Cnergyico PK. In the futures market, 308 companies recorded trading, of which 116 increased, 187 decreased and 5 remained unchanged.