After reaching a record high the previous day, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index saw a significant dip on Thursday, losing 620 points due to profit-taking and closing below the 86,000 mark.
The session began on a positive note, with the index peaking at an intra-day high of 86,520.29, but market sentiment quickly shifted, leading to a sell-off that continued until the end of the day. The KSE-100 ultimately settled at 85,585.43, down 620.23 points or 0.72%.
Topline Securities noted that the decline was primarily driven by profit-taking, particularly in the banking and exploration and production (E&P) sectors, which collectively dragged the index down by 348 points.
Pakistan Refinery Limited (PRL) led trading volumes with 58 million shares, following news of a $1 billion investment by a Chinese corporation for PRL’s upgradation project.
Bank Alfalah’s consolidated profit jumped 50% in Q3 2024, reaching Rs13.3 billion, thanks to higher non-markup income and substantial gains on securities.
In corporate news, Mega Motor Company (Private) Limited, a subsidiary of HUBCO, announced a major partnership with BYD Auto, the world’s leading new energy vehicle (NEV) manufacturer.
Overall, trading volume on the all-share index increased to 513.29 million shares, though the total value of shares declined to Rs21.61 billion from Rs26.94 billion in the previous session. Of the 450 companies traded, 173 recorded gains, 208 saw declines, and 69 remained unchanged.
Meanwhile, the Pakistani rupee saw a marginal improvement against the US dollar, appreciating by 0.02% to close at 277.79 in the inter-bank market.
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