KARACHI, December 10th 2024: The Karachi Stock Exchange (KSE-100) endured a day of heightened volatility, as the index swung dramatically within a 4,000-point range. The session, marked by intense profit-taking, saw the index reach a high of 1,789 points before plunging to a low of 2,258 points, ultimately settling at 108,896 points.
Early optimism fueled by positive macroeconomic data sparked buying enthusiasm, driving the index upwards. However, the momentum quickly waned as investors decided to capitalize on recent gains, particularly in high-weightage sectors, causing a sharp intraday drop. Despite the turbulence, the market regained some ground by the close, suggesting an underlying sense of investor confidence.
Shares of SAZEW, a prominent player in the auto sector, finished 5.50% lower following a significant decline in monthly four-wheeler sales. The company reported sales of just 584 units in November, a sharp drop from the 1,002 units sold the previous month.
The banking sector also faced headwinds, with concerns over the Advance-to-Deposit Ratio (ADR) putting pressure on major banks such as BAHL, MCB, UBL, and BAFL. These stocks struggled throughout the session and ultimately closed in the red.
Notable contributors to the positive movement in the index included MARI, LUCK, ATRL, SYS, and SEARL, which together contributed 508 points. However, UBL, BAHL, MCB, EFERT, and ENGRO had the opposite effect, collectively pulling the index down by 629 points.
Overall, the day saw strong trading activity, with a total of 1,543 million shares changing hands, translating into a turnover of Rs 68.7 billion. WTL emerged as the leader in volume, with 200 million shares traded during the session.
