Profit-booking pulls PSX lower

KSE-100 index sheds 120 points; investors lock in profits at higher levels

KARACHI:

Pakistan Stock Exchange (PSX) surrendered early gains on Monday as profit-taking in key index-heavy sectors overshadowed buying interest in energy and cyclical stocks.

The benchmark KSE-100 index remained volatile throughout the session, briefly moving higher before selling pressure dragged it into negative territory. Eventually, the index lost 119.74 points, or 0.07%, to close at 181,310.28 as weakness in power, fertiliser, technology and cement stocks outweighed gains across oil and gas exploration and refinery sectors.

The session began on a positive note, aided by buying interest in auto assemblers, cement plants, commercial banks, oil and gas exploration firms, oil marketing companies and refineries. The index climbed 856.75 points, or 0.47%, by 9:34 am; however, it lost momentum when investors rushed to book profits, triggering selling in several sectors.

Although the benchmark made a partial recovery later in the day, it failed to regain the lost ground and remained range bound. Persistent volatility and a lack of sustained buying kept the index marginally below the previous close. Overall trading remained selective, with investors balancing fresh accumulation of energy stocks against profit-taking in other market heavyweights.

According to Arif Habib Limited Deputy Head of Trading Ali Najib, the PSX witnessed a range-bound session and closed on a flattish note, down just 120 points (-0.07%). The market opened on a lacklustre note, where the benchmark index touched the intra-day high of 182,348 (+918 points). However, early gains were erased during the latter half as investors opted for profit-taking, which resulted in a marginally negative close.

On the corporate front, Lucky Cement reported FY26 earnings per share (EPS) of Rs60.78 (+16% year-on-year) and dividend per share of Rs5, supported by strong growth in local cement sales (+12%). Also, remittances rose 13% YoY to $3.6 billion in July 2026 compared with $3.2 billion in July 2025 while month-on-month they increased 5%. Pakistan Petroleum, Attock Refinery, Meezan Bank, Oil & Gas Development Company and Engro Holdings collectively added 574 points to the KSE-100 index. Conversely, Hub Power, Fauji Fertiliser, UBL, Mari Energies and Lucky Cement erased 791 points.

Going forward, Najib anticipated that strong corporate earnings, robust remittances and improving macro fundamentals should keep the broader sentiment constructive. Additionally, sustained foreign flows and positive corporate results could provide a catalyst for the KSE-100 to resume its upward trajectory, he said.

Topline Securities observed in its report that the local bourse opened on a positive note, with the KSE-100 index surging to the intra-day high of 917 points amid strong early buying interest. However, the initial euphoria proved short-lived as profit-taking and selling pressure emerged, dragging the index to the intra-day low of 609 points before it eventually settled at 181,310, down 120 points (-0.07%).

The refinery sector remained the talk of the town, where strong buying interest swept through the sector. Attock Refinery, Pakistan Refinery, National Refinery and Cnergyico Pk all closed in positive territory, significantly outperforming the broader market, Topline wrote.

Cumulatively, trading volumes increased to 917.3 million shares compared with Friday's turnover of 716 million. The value of traded shares stood at Rs44.8 billion.

In the ready market, shares of 496 companies were traded. Of these, 225 stocks closed higher, 234 fell and 37 remained unchanged.

Cnergyico Pk was the volume leader with trading in 173.6 million shares, rising Rs1.19 to close at Rs13.13. Foreign investors bought shares worth Rs47.3 million, the National Clearing Company reported.