Early gains evaporate as PSX succumbs to late selling
Photo: File
Trading at the Pakistan Stock Exchange (PSX) remained range-bound as cautious investor behaviour kept volatility elevated throughout the session. The benchmark KSE-100 index closed at 170,830.22, registering a decline of 243.51 points, or 0.14%.
Despite the subdued close, the index oscillated within a broad range, touching an intraday high of 171,587.32 and a low of 170,641.13, reflecting uncertainty over near-term direction.
Earlier in the day, sentiment appeared constructive, with the market gaining more than 300 points during the opening hours on the back of selective buying. Investors showed interest in heavyweight sectors, particularly commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies, and refineries, which helped drive the early upside. However, profit-taking at higher levels erased most of these gains as the session progressed.
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•KMI-30: Pullers & Draggers pic.twitter.com/LwjJDRatIFOverall market mood stayed guarded, with participants preferring a wait-and-see approach amid ongoing volatility. On the corporate front, attention remained on developments following the completion of the PIA bidding process yesterday, which added to event-driven interest but failed to provide sustained momentum to the broader market.
KTrade Securities observed that PSX witnessed another range-bound session amid relatively low volumes in the regular market. The KSE-100 index declined by 243 points (-0.14%) day-on-day to close at 170,830 points.
Sector-wise, cement stocks remained under pressure, while fertiliser and oil & gas sectors provided a positive contribution to the index. Among major names, selling pressure was observed in Lucky Cement, Engro Holdings, Kohat Cement and Systems Limited, whereas selective buying interest emerged in Pakistan Telecommunication, Fauji Fertiliser, Oil & Gas Development Company, Pakistan Petroleum, and Bank of Punjab.
Read: Pakistan shifts from stabilisation to export-led growth, says finance minister
Despite the marginal decline, overall market participation stayed healthy. Looking ahead, KTrade believes the broader market outlook will remain constructive, supported by improving macroeconomic conditions following the SBP’s policy rate cut.
Overall trading volume increased to 811.5 million against Tuesday’s tally of 650.1 million. Value of traded shares stood at Rs 29.7 billion. Shares of 481 companies were traded. Of these, 171 closed higher, 264 declined and 46 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 62.2 million shares, rising Rs 0.61 to close at 18.25.