PSX retreats from fresh all-time high

KSE-100 ends lower by 556 points; investors lock in gains before rollover

KARACHI:

The Pakistan Stock Exchange (PSX) closed lower on Friday as investors resorted to profit-booking ahead of the rollover week, erasing early gains after the benchmark index touched a fresh all-time high.

The KSE-100 index settled slightly above 171,400, down almost 560 points compared with the previous session's close at 171,961. Market breadth remained negative, with 260 stocks closing in the red and 179 stocks rising, reflecting cautious sentiment.

Trading opened on a positive note, when the index extended momentum from the previous session to reach the intra-day high of 172,675. However, the rally proved short-lived as selling pressure emerged during the latter half, particularly in index-heavy stocks, dragging the market to the intra-day low of 660 points before a modest recovery at close.

Commenting on the session, analysts said the PSX witnessed a bout of profit-taking as investors adjusted positions ahead of the rollover week.

Top positive contributions to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies, which added 319 points, while HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah shaved off 366 points. Activity remained healthy, with total traded volumes reaching 798 million shares, indicating continued investor participation despite a late correction.

At the close of trading, the benchmark KSE-100 index posted a modest decline of 556.16 points, or 0.32%, and settled at 171,404.49.

"PSX witnessed a profit-taking day today (Friday) as the market headed into the rollover week starting Monday," said Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL).

Topline's market review noted that a range-bound session was observed at the stock exchange as the index traded between the intra-day high of +714 points and intra-day low of -660 points to finally close at 171,404 (down 0.32%).

It mentioned that major positive contribution to the index came from Lucky Cement, Systems Ltd, UBL, Meezan Bank and Mari Energies. On the flip side, HBL, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser and Bank Alfalah lost value, pulling the index down.

Traded value-wise, Meezan Bank (Rs6.23 billion), DG Khan Cement (Rs3.54 billion), Lucky Cement (Rs1.45 billion), Maple Leaf Cement (Rs1.43 billion) and Pakistan Petroleum (Rs1.32 billion) dominated the activity, Topline said.

Mubashir Anis Naviwala of JS Global wrote that the PSX opened on a positive note and extended gains to hit a new all-time high of 172,675. The KSE-100 remained range bound during mid-session after the strong opening. Late-session profit-taking dragged the index down from the day's highs, he said.

Selling pressure intensified in the final hour, especially in index-heavy stocks. The benchmark index closed at 171,404, down 556 points. Despite the correction, volumes remained decent, reflecting active participation.

The broader trend stays bullish, though short-term consolidation is evident. Investors may be selective after the sharp rally and repeated record highs, Naviwala added.

Overall trading volumes were recorded at 797.5 million shares compared with the previous session's tally of 950.1 million. The value of shares traded during the day was Rs42.2 billion.

Shares of 485 companies were traded. Of these, 179 stocks closed higher, 260 fell and 46 remained unchanged.

K-Electric was the volume leader with trading in 116 million shares, gaining Rs0.24 to close at Rs5.85. It was followed by Bank Makramah with 24.7 million shares, edging up Rs0.02 to close at Rs6.08 and Crescent Star Insurance with 23.1 million shares, rising Rs1 to close at Rs8.30.

Foreign investors sold shares worth a net Rs934.4 million, the National Clearing Company reported.