Market Closes 1,360 Points Down Amid Weak MARI Results

Staff Report:

The market opened on a positive note today, with the index making an impressive intraday high of 716 points. However, the momentum was short-lived as bears swiftly took charge. The index plunged to an intraday low of 1,398 points before closing at 113,520, marking a decline of 1,360 points or 1.18%.

This negative trend can largely be attributed to the weaker-than-expected financial results of MARI, which dampened investor sentiment. The company reported an earnings per share (EPS) of Rs. 9.3, with no cash payout, falling below market expectations and contributing significantly to the bearish activity observed during the trading session.Mari Reports 42% Decline in Earnings

POL from the E&P sector declared its 2QFY25 result, where the company posted an EPS of Rs26.7/share, taking 1HFY25 earning to Rs35.7/share, along with a cash dividend of Rs25/share for 1HFY25 results.

Key contributors to the upward trajectory included SYS, EFERT, FFC, POL, and BAHL, collectively adding 282 points. On the other hand, substantial declines in MARI, ENGROH, PSO, HUBC, and PPL weighed heavily on the market, accounting for a combined loss of 783 points.

Trading activity remained low, with a total volume of 429 million shares traded, translating into a turnover of Rs. 25.9 billion. SSGC emerged as the volume leader, with 51 million shares changing hands during the session.