KSE-100 Index Falls 578 Points Amid Profit-Taking in Banking Sector

Staff Report

The KSE-100 index initially opened on a positive note, reaching an intraday high of 577 points. However, after touching this high, the index fell to an intraday low of -643 points, closing at 78,232, down by 578 points.Pakistan’s Sugar Sector Hits Record 78% Profit Surge in FY23

On the news front, the International Monetary Fund (IMF) commended Pakistan for its stringent economic measures in the 2024-25 budget.
The banking sector witnessed profit-taking, with UBL, MEBL, BAHL, BAFL, and FABL cumulatively contributing 345 points to the declining index.

HUBC from the power sector continued its positive momentum as Mega Motors Company, a subsidiary of the Hub Power Company, entered a new line of business in electric vehicles with BYD Auto Industry Company Limited.

Overall trading activity was subdued compared to previous sessions, with over 384 million shares exchanged, amounting to a total value of Rs15.4 billion. PASL topped the volume chart, with over 46 million shares traded.