The Pakistan Stock Exchange (PSX) once again succumbed to profit-taking on Thursday as the benchmark KSE-100 index lost early gains to close down by over 550 points amid caution over futures rollover.
The index surged to intra-day high of 139,868 shortly after the opening bell, reflecting investor interest across key sectors. However, the momentum proved short-lived as selling pressure emerged, pulling the index down by midday. Later, the index hit intra-day low at 138,614.
Market participants pointed to profit-booking in heavyweight stocks ahead of corporate earnings announcements. At the end of trading, the KSE-100 index settled at 138,692.67, registering a notable loss of 561.69 points, or 0.40%.
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KTrade Securities observed in its market wrap that stocks experienced a negative session as investors again locked in profits near recent highs.
Selling pressure emerged later in the day amid caution over futures rollover and the earnings season, both of which are expected to drive increased volatility and keep sentiment in check. Among key laggards of the day were bank, fertiliser and energy stocks, it said.
Topline Securities commented that after a strong rally in recent sessions, the local bourse took a step back on Thursday as investors opted to lock in gains ahead of final days of the rollover week.
The KSE-100 index witnessed a volatile session, swinging between intra-day high of 613 points and low of 561 points, before closing at 138,693, down 562 points, it said.
The session was marked by a tug-of-war between bullish sentiment and rollover-induced caution, with market participants leaning towards profit-booking. Amid mounting rollover pressure, Topline projected, choppy movements are likely to persist and selective interest is expected to dictate near-term direction.
Fauji Fertiliser, Habib Bank, Engro Holdings, Mari Petroleum and Engro Fertilisers wiped out 506 points from the index. On the flip side, Hub Power, MCB Bank and Systems Limited lent some support, collectively adding 204 points, it added.
Overall trading volumes decreased to 648.8 million shares compared with Wednesday’s tally of 656.6 million. Traded value stood at Rs28.1 billion.
Shares of 484 companies were traded. Of these, 182 stocks closed higher, 273 fell and 29 remained unchanged. The Bank of Punjab topped the volumes chart with trading in 113 million shares, rising Rs0.55 to close at Rs13.55.
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