Persistent selling caps PSX near 180,000

KSE-100 index falls 370 points, or 0.20%, amid geopolitical jitters

KARACHI:

KARACHI

Pakistan Stock Exchange (PSX) on Thursday came under renewed selling pressure, extending its losing streak as follow-through selling and geopolitical concerns weighed on investor sentiment.

The benchmark KSE-100 index fell 370 points, or 0.20%, to settle at 181,260. It traded in a volatile range, hitting the intra-day low of 179,411.36 before recovering partially by the close.

Arif Habib Limited (AHL) noted that the KSE-100 index experienced follow-through selling from Wednesday's large move lower, with an intra-day break below 180,000. While 48 stocks advanced, 50 closed in the red. Ghandhara Industries (+10%), Fatima Fertiliser (+2.94%), and UBL (+0.3%) were the top contributors to the index gains. On the other hand, Meezan Bank (-2.24%), MCB Bank (-2.11%), and Pakistan Petroleum (-1.32%) emerged as the biggest drags on the index.

The KSE-100 closed at 181,259.68, down 369.69 points. Among economic news, June remittances posted a 2% year-on-year increase to $3.5 billion, while FY26 remittances reached a record high of $41.6 billion, up 9%. On the geopolitical front, Oman was facing pressure from both the US and Iran regarding the Strait of Hormuz. Iran was pushing for a joint system to manage traffic and impose charges, while the US insisted on restoring pre-war freedom of navigation, allowing ships to pass without mandatory fees, AHL mentioned.

"The 180,000 level remains a key near-term support; a break below could open the way towards the structural support at 175,000," it said.

Topline Securities, in its review, stated that the benchmark KSE-100 index remained under pressure, extending its losing streak as persistent selling amid geopolitical concerns and cautious investor sentiment weighed on the market. The index traded in a volatile range, recovering partially from its intra-day lows but ending the session in negative territory. The market opened on a weak note and witnessed aggressive selling during the session, with the index falling to the intra-day low of 179,411.36 before trimming losses. At close, the KSE-100 settled at 181,259.68, down 369.69 points.

Investor sentiment remained fragile as regional tensions, elevated international oil prices, and uncertainty over global markets encouraged profit-taking and defensive positioning. Buying interest was observed in select value stocks, helping the market recover from the day's lows, though it was insufficient to reverse the overall bearish trend. Heavyweight stocks such as Meezan Bank, MCB Bank, PPL, Engro Holdings, and Askari Bank were the major drags on the index, collectively shaving 521 points, Topline said.

Overall trading volumes stood at 982 million shares compared with the previous session's tally of 1.6 billion.