PSX: Profit-taking drags KSE-100 Index down for second consecutive session

PKR appreciates marginally against USD, gaining 0.06% to settle at 277.61 in the inter-bank market

Profit-taking dominated the Pakistan Stock Exchange (PSX) for the second session in a row, as the benchmark KSE-100 Index lost another 335 points on Friday. The index closed at 85,250.09, down 0.39%, continuing the previous day’s bearish trend.

The market experienced range-bound trading in the first half of the session, with the KSE-100 reaching an intra-day high of 85,773.83. However, cautious investors pushed the index down to an intra-day low of 85,120.90 in the second half, leading to a negative close.

The energy and fertiliser sectors were among the biggest losers, shedding 225 and 206 points, respectively, following lower-than-expected corporate earnings.

Thursday’s session also saw a significant drop in the KSE-100, with a loss of 620 points as investors cashed in on recent gains, bringing the index below 86,000.

Among key developments, Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil (PSO), reported massive quarterly losses of Rs2.35 billion for the quarter ending September 30, 2024. 

This marked a sharp reversal from its profit-after-tax (PAT) of Rs4.48 billion during the same period last year. PRL’s financial performance weighed heavily on market sentiment, contributing to the downturn.

Trading volumes on the all-share index decreased to 323.92 million shares, compared to 513.29 million on Thursday. The total value of shares traded also declined, reaching Rs15.68 billion, down from Rs21.61 billion in the previous session. 

Pak Refinery XD led the volumes with 28.46 million shares traded, followed by Hub Power Company with 19.74 million shares, and WorldCall Telecom with 14.95 million shares. Of the 455 companies traded on Friday, 170 recorded gains, 206 declined, and 69 remained unchanged.

On the currency front, the Pakistani rupee appreciated marginally against the US dollar, gaining 0.06% to settle at 277.61 in the inter-bank market.