KARACHI: The Pakistan Stock Exchange (PSX) closed lower on Tuesday amid ongoing contract rollover pressure on investors. The KSE-100 index remained volatile, hitting the intra-day high of 149,453 points, before coming down significantly to close at 148,435, a decrease of 380.24 points, or 0.26%.
Analysts mentioned that concerns over a proposed hike in industrial gas tariffs, alongside geopolitical uncertainty, played a key role in bearish activity at the bourse.
Ahsan Mehanti of Arif Habib Corp commented that stocks closed lower, pressured by futures contract rollovers, sluggish global equities and falling international crude oil prices. A steady policy rate, concerns over a proposed hike in industrial gas tariffs and geopolitical uncertainty fuelled the negative close at the PSX, he said.
In its review, Topline Securities remarked that the KSE-100 index posted a decline of 380 points. The session was marked by notable intra-day volatility, with the index hitting the day’s high at 149,453, reflecting the ongoing rollover pressure.
Gains in Fauji Fertiliser Co, Hub Power and Pakistan Oilfields collectively contributed 295 points to the index. However, the increase was offset by losses in Engro Holdings, Bank AL Habib, Meezan Bank, MCB Bank and HBL, which pulled the KSE-100 down by 549 points, Topline noted.
In its commentary, Arif Habib Limited (AHL) stated that the benchmark index faces an additional downside risk as it moves deeper into support levels. Some 43 shares rose while 57 fell on the KSE-100.
Fauji Fertiliser Co (+1.19%), Hub Power (+1.93%) and Pakistan Oilfields (+1.82%) contributed the most to index gains. On the flip side, Bank AL Habib (-5.08%), Engro Holdings (-1.18%) and Meezan Bank (-1.31%) were the biggest drags.
