PSX sheds 880 points on profit-taking

Pakistan Stock Exchange (PSX) witnessed profit-taking on Thursday, with the benchmark KSE-100 index retreating 880 points, or 0.56% day-on-day, to settle at 156,141.

Read: PSX reaches new record, crosses 157k barrier

Index-heavy stocks, including Engro Holdings, Pakistan Petroleum Limited, Mari Petroleum, Engro Fertilisers, and Fauji Fertiliser Company, weighed on market sentiment, according to KTrade Securities. In contrast, Meezan Bank and Interloop Limited provided some support, with the latter hitting its upper circuit.

Market participation remained robust as volumes reached 1.3 billion shares. Agha Steel Industries led trading with 113 million shares changing hands, up 71 paisa to close at Rs9.77. It was followed by WorldCall Telecom, which traded 85.6 million shares, edging up three paisa to close at Rs1.59, and K-Electric Ltd with 69.8 million shares, losing six paisa to close at Rs5.54.

Analysts said the PSX remains resilient on the back of improving macroeconomic indicators and strong corporate earnings, though short-term consolidation is likely as the market absorbs recent gains. Thursday’s correction came after a series of record-breaking sessions, when the bourse crossed the 157,000-point barrier.

Read More: PSX extends winning streak, hits record

Overall, shares of 487 companies were traded during the day. Of these, 225 stocks closed higher, 223 lost ground, and 39 remained pegged at previous levels.