PSX plunges over 1,700 points as investors book gains

KSE-100 index closes at 171,115 points as market witnessed typical profit-taking session on Friday after recent rally

KARACHI:

The Pakistan Stock Exchange (PSX) ended the trading week with a dull profit-taking session on Friday. The benchmark KSE-100 Index closed down over 1,700 points as investors booked gains following a strong recent rally.

"The KSE-100 Index closed at 171,115 points, down 1,778 points (-1.03% DoD), as the market witnessed a dull yet typical Friday profit-taking session after the strong rally seen in recent days," said Ahmed Sheraz of KASB KTrade. Benchmark volumes in KSE100 stood at 431 million shares, with major activity concentrated in KEL, CNERGY, and PIBTL.

Pressure remained concentrated in commercial banks and E&P stocks, where profit-booking dragged the index lower throughout the session. Major negative contributions came from UBL, ENGROH, MEBL, PPL, MARI, OGDC, FFC, BAHL, and LUCK.

Read: PSX stays bullish, nears 173,000

On the external front, crude oil continued hovering around USD99-101/bbl as investors closely monitored developments surrounding the Strait of Hormuz and ongoing US-Iran negotiations reportedly being mediated through Pakistan.

Sentiment stayed cautious after renewed skirmishes between the US and Iran near the Strait overnight, while weak US and Asian equity markets further weighed on local risk appetite.

Going into next week, market sentiment is likely to remain heavily news-driven, with any positive or negative development regarding US-Iran negotiations or the Strait of Hormuz expected to significantly influence investor confidence and overall market direction.