Profit-taking snaps four-day rally at PSX

Index falls 0.47% to close month at 166,409 amid oil, Hormuz concerns

KARACHI:

The KSE-100 index of the Pakistan Stock Exchange (PSX) closed lower on Friday, shedding around 785 points and ending October down by 2.09% month-on-month. Rising oil prices, driven by fears of heightened US-Iran tensions after midterm elections, and reports of tanker attacks in the Strait of Hormuz weighed on sentiment. Profit-taking after the recent rally on September-quarter results added to the pressure.

At the close of trading, the benchmark KSE-100 index posted a loss of 784.19 points, or 0.47%, and settled at 166,409.25.

Arif Habib Limited (AHL) reported that the KSE-100 slipped 0.47% to close the month around 166,400, with UBL, LUCK and HBL among the major drags. OGDC's strong first-quarter results (EPS up 53% year-on-year to Rs13.60 and a dividend of Rs5 per share), driven by higher oil and gas output plus other income, provided some relief amid elevated oil prices, while support was reported near 160k.

Topline's daily market review noted that the market remained largely in negative territory during the last trading session of the week, when the index declined 0.47% to close at 166,409. The bearish sentiment was primarily driven by rising crude oil prices amid expectations of heightened US-Iran tensions following the US midterm elections, coupled with reported attacks on tankers in the Strait of Hormuz, raising concerns over potential supply disruptions.

Additionally, investors resorted to profit-taking following the recent market rally driven by September-quarter financial results. Top negative contributors to the index were UBL, LUCK, HBL, FATIMA and ATRL, as they cumulatively wiped off 359 points. Traded value-wise, CNERGY (Rs1.57 billion), OGDC (Rs953 million), THCCL (Rs794 million), SAZEW (Rs530 million) and PSO (Rs510 billion) dominated the activity.

Topline reported in its monthly review that the KSE-100 dipped 2.09% on a month-on-month basis during October, primarily due to geopolitical uncertainty, foreign portfolio outflows, profit-taking in heavyweight stocks and cautious investor sentiment over global financial market volatility and domestic macroeconomic concerns.

Major developments during the month included a moderation in Pakistan's CPI inflation to 10.26% in September 2026, compared to 11.15% in August 2026, while remaining above 5.76% recorded in September 2025. Automobile sales declined 12% YoY and 3% MoM to 15,104 units, as reported by the auto manufacturers association.

Overall trading volumes were recorded at 825.47 million shares compared with the previous session's tally of 816.83 million. The value of shares traded during the day was Rs23.12 billion. Shares of 501 companies were traded. Of these, 173 stocks closed higher, 300 fell, and 28 remained unchanged.

Pervez Ahmed Consultancy was the volume leader with trading in 165.86 million shares, losing Rs0.44 to close at Rs3.96. It was followed by Cnergyico PK with 111.99 million shares, losing Rs0.44 to close at Rs13.64, and First National Equities with 40.46 million shares, gaining Rs0.01 to close at Rs1.13. Foreign investors sold shares worth Rs6.2 billion, the National Clearing Company reported.