KARACHI:The Pakistan Stock Exchange (PSX) closed lower on Monday as the benchmark KSE-100 index
“KARACHI:The Pakistan Stock Exchange (PSX) closed lower on Monday as the benchmark KSE-100 index slipped almost 200 points after failing to hold early gains. The index touched the intra-day high of 17…”
KKARACHI —The Pakistan Stock Exchange (PSX) closed lower on Monday as the benchmark KSE-100 index slipped almost 200 points after failing to hold early gains.
The index touched the intra-day high of 178,123 before profit-taking set in, leaving it once again short of the critical 178,000-180,000 resistance zone.
At the close of trading, the KSE-100 posted a decline of 199.84 points, or 0.11%, and settled at 176,966.69. Arif Habib Limited (AHL) noted in its daily report that the Pakistan Stock Exchange faced resistance once again in the 178,000-180,000 zone, hitting a high of 178,100 before retreating to close at 176,967, down 199.8 points.
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Oil and Gas Development Company, Pakistan Petroleum Limited and Maple Leaf Cement led the gains with rises of 1.62%, 2.08% and 3.88% respectively, providing the strongest support to the index.
On the downside,, Engro Holdings, Meezan Bank and Service Industries acted as the primary drags, falling 1.54%, 1.07% and 4.33%, respectively.
In a significant development, Moody's upgraded Pakistan's sovereign credit rating to B3 from Caa1, citing the country's progress in rebuilding foreign exchange reserves and advancing economic reforms. AHL further noted that improvements in governance should enable the government to maintain recent gains in its external position and strengthen fiscal metrics.
"Attention this week will remain focused on the critical 178,000-180,000 resistance zone and the index's interaction with these levels," it added. Topline Securities, in its market review, highlighted that the local bourse opened on a positive note, with the KSE-100 index surging to the intra-day high of 956 points amid strong buying interest.
However, the momentum could not be sustained as profit-taking emerged in the latter half of the session, dragging the index to the intra-day low of 430 points. The KSE-100 ultimately settled at 176,967, down 200 points, or 0.11%, as late-session selling erased most of the day's early gains.
Market participation,, remained active, with total traded volumes reaching 934 million shares, while the traded value stood at Rs44.10 billion.
Written by Iqra Aziz
Aman-e-Pakistan Senior Journalist & Bureau Reporter
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