PSX retreats after hitting all-time high
The Pakistan Stock Exchange (PSX) experienced a sharp reversal on Thursday, with profit-taking wiping out early gains.
The KSE-100 Index, which had soared to an intra-day peak of 120,699.17, closed at 119,153.04, down by 778.41 points or 0.65%.
Despite strong bullish momentum earlier in the session, the market gave back its gains by the end of the day as investors took profits.
The index stood at 120,626.97 points after surging to an all-time high of 120,699.17 earlier today, maintaining a positive tone throughout the session.
On Wednesday, PSX saw a strong recovery, with the KSE-100 index rising by 960.33 points, or 0.81%, to close at 119,931.46.
The rally was driven by active investor participation, bolstered by pro-growth fiscal measures and investor positioning ahead of the upcoming budget presentation.
Read more: https://tribune.com.pk/story/2547178/psx-stages-robust-rally-eyes-budget-boost
Despite pressure on auto stocks due to the IMF-backed tariff relaxation and revised National Tariff Policy, the overall market sentiment remained positive.
Large-cap stocks, particularly in banking, oil, and energy sectors, contributed significantly to the index’s gains, adding around 480 points.
The refinery sector also saw increased activity after the government approved Rs34 billion in dues clearance for refineries, paving the way for multi-billion-dollar plant upgrades.
Investor sentiment remained optimistic, with some stocks nearing the 120,000-point mark. Key contributors included National Bank of Pakistan (+10%), Bank AL Habib (+2.85%), and United Bank (+1.22%). However, auto stocks like Lucky Cement and Standard Chartered saw declines.
Trading volumes surged to 667.7 million shares, with K-Electric leading the volume at 103.7 million shares. Foreign investors sold shares worth Rs146.9 million.
Overall, the market remains buoyed by improving macroeconomic indicators, though investor participation is expected to be selective ahead of the FY26 budget announcement on June 2.