PSX sheds over 1,200 points to end in negative territory

Market participants cite profit-taking, cautious investor sentiment as SPI shows 8.24% weekly uptick

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed a bearish session on Friday, with the benchmark KSE-100 index closing in negative territory for the day. The index settled at 151,707.51, down 1,200.45 points, or 0.79%, from the previous close of 152,907.96. 

The index traded in a range, hitting an intraday high of 153,660.88 and a low of 151,457.94. Total trading volume stood at approximately 235 million shares, with a market value of around Rs23.9 billion.

Read: Geopolitical tensions rattle PSX, down 5,405 points

According to Ismail Iqbal Securities' daily roundup, the benchmark index "closed in negative territory," reflecting continued selling pressure across the board. This comes after a volatile week for the market, where the index faced multiple sessions of sharp swings and profit-booking.

Market participants cited ongoing profit-taking, cautious investor sentiment, and broader economic considerations as key factors behind the decline.

Read More: PSX jumps over 4,300 points on peace optimism

No major positive triggers emerged to support the market during the session, with the broader market breadth remaining tilted toward decliners. 

Ismail Iqbal Securities noted investors continue to monitor macroeconomic indicators, including inflation data (with the Sensitive Price Index showing a weekly uptick of whopping 8.24% year-on-year) and global commodity trends.

The market will now look ahead to next week's developments for fresh direction.