PSX breaks nine-day winning streak
Pakistan Stock Exchange (PSX) snapped its nine-day winning streak on Thursday as profit-taking above the 157,000 level dragged the benchmark KSE-100 index down by 880 points to 156,141.
Volumes remained robust at 1.3 billion shares with traded value at Rs50.2 billion, led by Agha Steel Industries, WorldCall Telecom and K-Electric.
Positive contributions from Meezan Bank, Interloop Limited and Kohinoor Textile Mills were offset by sharp declines in Engro Holdings, Pakistan Petroleum and Mari Petroleum. Analysts noted that the index failed to sustain the momentum after hitting the intra-day high of 157,817.
Meanwhile, Pakistan announced plans to issue its first Panda Bond worth $250 million while August auto sales rose 62% year-on-year (YoY) and 27% month-on-month (MoM), reaching 14,050 units. This took 2MFY26 sales to 25,093 units, up 45% from 17,288 units in 2MFY25.
"PSX came under selling pressure above the 157,000 level, ending its nine-day winning streak. Out of the traded stocks, 36 advanced while 63 declined," wrote Arif Habib Limited (AHL).
Key gainers included Meezan Bank (+0.99%), Interloop Ltd (+6.98%) and Kohinoor Textile Mills (+8.63%), which contributed significantly to the index. On the flip side, Engro Holdings (-1.88%), Pakistan Petroleum (-2.5%) and Mari Petroleum (-1.9%) emerged as the biggest drags.
On the macroeconomic front, AHL mentioned, Pakistan was preparing to issue its inaugural Panda Bond worth $250 million (equivalent in Chinese renminbi), a move seen as a milestone in diversifying funding sources and deepening financial ties with China.
In the corporate sector, Treet Battery (+6.11%) signed an agreement with China's Highstar Digital Energy Technology for the import and sale of lithium-ion batteries in Pakistan.
Analysts noted that support remains firm at the 154,000 level, which may be tested in upcoming sessions, though the KSE-100 still holds week-to-date gains of 1.21% while heading into the final session.
Topline Securities, in its market review, said that the KSE-100 index posted a decline of 880 points, or 0.56%. The market remained volatile throughout the day, hitting the intra-day high of 157,817 and facing intermittent profit-taking.
Positive contribution from Meezan Bank, Interloop and Kohinoor Textile added 152 points to the index. However, those gains were overshadowed by notable losses in Engro Holdings, Pakistan Petroleum, Mari Petroleum, Engro Fertilisers and Fauji Fertiliser Company, which together shaved 540 points off the benchmark index, Topline said.
"The bourse started the day with good momentum, attempting to extend its bullish run," Mubashir Anis Naviwala of JS Global noted. However, the index failed to break through the key resistance level of 157,820.
As the session progressed, profit-taking emerged, gradually erasing early gains. By the close, the market turned negative and stood at 156,141, down 880 points.
"We advise investors to adopt a cautious stance while focusing on risk management and selective accumulation," he said.
Overall trading volumes were recorded at 1.3 billion shares compared with the previous session's tally of 996.3 million. The value of shares traded was Rs50.2 billion.
Shares of 487 companies were traded. Of these, 225 stocks closed higher, 223 fell and 39 remained unchanged.
Agha Steel Industries was the volume leader with trading in 113 million shares, gaining Rs0.71 to close at Rs9.77. It was followed by WorldCall Telecom with 85.6 million shares, gaining Rs0.03 to close at Rs1.59 and K-Electric with 69.8 million shares, losing Rs0.06 to close at Rs5.54. Foreign investors sold shares worth Rs507.6 million, the National Clearing Company reported.