PSX crosses 180k; profit-taking erases gains

KSE-100 sheds 251 points amid consolidation after strong rally

KARACHI:

The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday as investors booked profits after the previous day's sharp rally, with the benchmark KSE-100 index briefly crossing 180,000 points before closing 251.44 points lower at 179,083.80.

The stock market, as per Arif Habib Limited (AHL), saw a day of consolidation after a strong earlier advance, with the KSE-100 index touching the intra-day high near 180,800 before easing to close at 179,083.8, down 251.4 points, or 0.14%. Market breadth was mildly positive, as 52 shares advanced against 47 decliners. The biggest positive contributors were PSO (+3.7%), PSEL (+3.92%) and EFERT (+0.93%), while the heaviest drags were UBL (-0.8%), MEBL (-1.2%) and LUCK (-1.34%). Among individual movers, THCCL rose 5.2% after signing a definitive agreement with Fauji Foundation covering the restructuring of Pakistan Services Ltd.

AHL said that on the macro side, Pakistan's textile and apparel exports reached $18 billion in FY2025-26, their highest level in four years, even as overall national exports contracted 5.9%. "Technically, the index retains an upside target around 182,500, with near-term support expected in the 174,000-176,000 zone," it said, adding that trading volume in the KSE-100 stood at roughly 151 million shares, with the broader market capitalisation at about Rs19.4 trillion ($70 billion).

Topline Securities' market review stated that the PSX experienced a range-bound session, consolidating after the previous day's sharp rally. The benchmark KSE-100 index briefly crossed the historic 180,000 mark during intra-day trade, touching the peak of 180,769 (+1,434 points), before settling slightly lower at 179,084, down 251 points (-0.14%) due to late-session profit-taking.

Overall market activity remained robust as trading volume reached approximately 1.24 billion shares, while total traded value stood at around Rs41.81 billion.

Market sentiment remained generally steady as investors weighed high domestic liquidity against fresh international oil supply concerns and geopolitical developments in the Middle East. Midday buying momentum was driven by selectively targeted sectors, particularly oil marketing companies and refineries. Major activity was observed across cement and technology stocks, while key commercial banking and exploration and production names faced consolidation pressure after Tuesday's massive rally, Topline added.

WorldCall Telecom was the volume leader with trading in 232 million shares, gaining Rs0.20 to close at Rs1.22. It was followed by Tasdeeq Information with 220 million shares, gaining Re1 to close at Rs6.24 and Cnergyico Pk with 57 million shares, gaining Rs0.42 to close at Rs11.77. Foreign investors sold shares worth Rs1.2 billion, the National Clearing Company reported.