Karachi, The Pakistan Stock Exchange (PSE) saw a downward trend in its key indices and overall market turnover on February 15, 2024, reflecting a challenging day for investors. The market dynamics, characterized by more companies experiencing a decrease in their stock prices than those recording gains, underscore the volatile nature of the stock market.
In the ready market, out of 344 companies, 85 advanced, 238 declined, and 21 remained unchanged. The future market mirrored this trend with 41 companies advancing, 274 declining, and 4 unchanged out of a total of 319.
The KSE30, KSE100, KSEALLSHR, KMI30, KMIALLSHR, BKTI, and OGTI indices all reported losses. The KSE100, a benchmark for market performance, decreased by 1,133.78 points, closing at 61,020.06. Similarly, the KSE30 index closed at 20,481.42, down by 473.29 points. The OGTI index saw the most significant percentage loss of 4.84%, closing at 14,661.62.
Market turnover in the regular (REG) market was reported at 345,126,091 shares, compared to 303,886,073 shares in the previous session, showing a higher trading volume but coupled with a decrease in traded value from 14,687,132,010 to 11,873,961,347. The future (FUT) and over-the-counter (ODL) markets also experienced shifts in turnover and traded value.
Among the top 10 companies with significant turnover, K-Electric Ltd. led with over 33 million shares traded, closing at 4.33, down from a previous rate of 4.47. P.I.A.C.(A) and Media Times Ltd followed, with notable gains closing at 10.61 and 1.98, respectively, driven by high trading volumes.
Rafhan Maize Products Company Limited stood out with an increase of 223.75, closing at 8,500.00, marking a significant gain. In contrast, Mari Petroleum Company Limited faced a sharp decrease, closing at 2,267.11, down by 54.67.
The trading day underscored the mixed outcomes for various sectors, with the energy sector, represented by companies like Oil & Gas Dev. and Pak Refinery, showing volatility. Conversely, sectors like food and textiles, represented by Rafhan Maize and Mehmood Textile Mills Limited, demonstrated resilience amidst the market's overall downward trend.