The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend on Thursday, dropping by 524 points or 0.81% to end the day in the red zone at the 64,298 level.
According to the PSX website, around 11:00 am, the market reflected a high peak as the KSE-100 index increased to the 65,213 level – marking the highest reported point during intraday trading.
Companies from major sectors on the KSE All Share Index reflected a mixed trend.
In the Chemical Sector, Lucky Core’s share price increased by Rs 55.43 on the same day, following the notification to the PSX about the board’s approval of an interim cash dividend of Rs 27 per share.
Fauji Fertilizer Bin Qasim’s share price decreased by Rs 1.08 amid their announcement of a cash dividend of Rs 1 per share – offering a 10% return on shareholders’ investment and reporting an 89% increase in profit after tax in 2023 compared to 2022.
In the Sugar and allied industries, Al-Abbas Sugar’s share price experienced the highest dip of Rs 8.37, as their board of directors recommended a policy of no cash dividend, bonus, or rights shares, despite quarterly financial results showing earnings per share for the quarter ending December 31, 2023, at Rs 64.53 compared to Rs 26.95 for the same quarter last year.
The majority of companies in the Power Generation and Distribution sector felt pressure during intraday trading, with most companies’ share prices reflecting a downward trend.
The stock market was also impacted as the interim prime minister ordered the Ministry of Energy to consult with the Finance Ministry for a plan to reduce the circular debt of the power and gas sectors.
