Profit-taking pulls stocks down from 170k

KSE-100 index closes flat as investors opt to book gains at high levels

KARACHI:

The Pakistan Stock Exchange (PSX) crossed the historical milestone of 170,000 points on Wednesday, but it could not hold the fresh peak and fell gradually to close trading on a flat note.

Investors were inclined to book profits at significantly higher valuations of equities, which dragged the market down from the intra-day high of 170,698 earlier in the session to the intra-day low of 169,239 towards the close of trading.

A day ago, the benchmark KSE-100 index had surged by 1,153 points to the all-time high of 169,456 on the back of loan approvals by the International Monetary Fund and robust buying by mutual funds.

Though there were other encouraging factors as well like a 9% rise in remittances from overseas Pakistanis to $16 billion in Jul-Nov 2025, increase in margins for oil marketing firms and petroleum dealers and a Rs2.5 billion bailout for PIA Holding Co, the stock market could not sustain gains on Wednesday and gave in to profit-taking pressure. At close, the KSE-100 index recorded a marginal fall of 4.52 points and settled at 169,451.86.

"The day began on a strong note as the KSE-100 extended its bullish momentum and briefly crossed the 170k mark," noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd. "However, investors opted to book gains at higher levels, pushing the index into negative territory by the close."

Topline Securities, in its review, remarked that the KSE-100 index ended the session at 169,452, recording a decline of four points. The market experienced volatility throughout the day, mirroring mixed investor sentiment, as the index fluctuated between the intra-day high of 170,698 and the low of 169,239, largely due to profit-taking.

It said that positive momentum came from Maple Leaf Cement, Lucky Cement, International Steels, Fauji Cement and Pioneer Cement, which together contributed 498 points to the index. However, the strength was partly tempered by declines in Fauji Fertiliser Company, Service Industries and Pakistan Petroleum, which shaved off 380 points. Investor participation remained strong, with total traded volumes climbing to 1,190 million shares, Topline added.

Mubashir Anis Naviwala of JS Global commented that the KSE-100 hit a new all-time high of 170,698 before profit-taking pulled it back to a nearly flat close at 169,452, down 4.5 points. The session was volatile, with early gains fading as investors booked profits near record levels.

Trading activity remained strong, reflecting sustained interest despite consolidation. "Holding near historic highs signals the underlying market strength, with momentum likely intact. A firm break above 170,000 could trigger further upside, while pullbacks may offer buying opportunities in fundamentally strong stocks," he said.

Overall trading volumes increased to 1.19 billion shares compared to the previous tally of 1.03 billion. The value of traded shares stood at Rs50.5 billion.

On the ready market, shares of 478 companies were traded. Of these, 251 closed higher, 188 dipped and 39 remained unchanged.

Hum Network was the volume leader with trading in 132 million shares, falling Rs0.40 to close at Rs13.97. It was followed by Bank Makramah with 103.5 million shares, rising Rs0.19 to close at Rs6.14 and TPL Properties with 52.4 million shares, gaining Rs1.13 to close at Rs12.46. Foreign investors were net sellers of shares worth Rs701.5 million, the National Clearing Company reported.