Stocks close flat on profit-taking

KSE-100 index slips 48 points; late selling wipes out oil-led rally

KARACHI:

The Pakistan Stock Exchange (PSX) closed almost unchanged on Thursday as late profit-taking wiped out an early rally, leaving the KSE-100 index down almost 50 points.

The benchmark index surged as much as 1,279 points to the intra-day high of 178,650 amid falling oil prices and hopes of progress in US-Iran talks. Selling then set in after a batch of corporate results, dragging the index to the low of 177,196 before a modest recovery towards the close. At the end of trading, the benchmark KSE-100 index posted a modest decline of 47.93 points, or 0.03%, and settled at 177,322.78.

Arif Habib Limited (AHL) commented that it was a largely flat session for the KSE-100, which recorded a modest decline of 47.9 points. The market encountered resistance once again in the 178,000 to 180,000 zone, touching a high of 178,650 before retreating. Market breadth showed 48 gainers against 52 losers with traded volumes at 614 million shares valuing at Rs34.5 billion.

Positive contribution came from Hubco (+1.65%), Engro Holdings (+1.37%) and Pakistan Oilfields (+3.4%). Among major drags was NBP, which tumbled 6.56% following disappointing first-half results that showed earnings per share (EPS) of Rs15.27, down 24% year-on-year due to higher operating expenses. Pakistan Petroleum and Pakistan State Oil declined 2.42% and 2.92%, respectively.

In other corporate results, AHL added, Systems Ltd reported 1HCY26 EPS of Rs4.11, up 13% YoY, driven by 23% growth in IT exports, while Hubco beat estimates with FY26 EPS of Rs38.26, up 8%, and a dividend per share of Rs20. DG Khan Cement posted strong FY26 EPS of Rs26.08, up 32%, but declared a lower-than-expected dividend of Re1. "The key resistance at 178-180k continues to hold firm, suggesting the index may remain range bound in the near term amid mixed corporate news and profit-taking," AHL said.

Topline Securities, in its market review, noted that the KSE-100 index opened on a strong footing and surged to the intra-day high of 1,279 points amid declining international oil prices and renewed hopes of a potential peace deal between the US and Iran, which lifted investor sentiment. However, the early optimism could not be maintained as investors resorted to profit-taking following the release of corporate results, trimming the index's gains.

Market participation remained active, with total traded volumes reaching 614 million shares, while the traded value stood at Rs34.55 billion. FNEL led the volumes chart, with 86 million shares changing hands. The KSE-100 touched the intra-day low of 174 points before settling at 177,323, down 48 points, or 0.03%.

In the ready market, the turnover was recorded at 614 million shares compared with the previous session's tally of 645 million. The value of shares traded during the day was Rs34.55 billion.

Shares of 496 companies were traded. Of these, 191 stocks closed higher, 279 fell and 26 remained unchanged.

First National Equities was the volume leader with trading in 86 million shares, losing Rs0.06 to close at Rs1.24. It was followed by Cnergyico Pk with 49 million shares, losing Rs0.23 to close at Rs14.04 and Tasdeeq Information with 30 million shares, gaining Rs0.06 to close at Rs3.54. Foreign investors sold shares worth Rs805 million, the National Clearing Company reported.