Key Points
- Benchmark KSE-100 sheds 1,701 points, closing at 154,439.68
- Selling pressure linked to higher leverage costs in MTS & futures market
- UBL, FFC, ENGROH, HUBC, and LUCK drag index down by 900 points
ISLAMABAD: The Pakistan Stock Exchange (PSX) endured its second straight negative session on Friday, with the benchmark KSE-100 Index losing over 1,700 points amid sustained selling pressure.
The index opened on a positive note and touched an intraday high of 156,519.14. However, bears gained control in later hours, pushing the market deep into the red. At close, the KSE-100 settled at 154,439.68, down by 1,701.56 points or 1.09%.
“Correction was observed at the exchange due to rising cost of leverage (Margin Trading System (MTS) & Future Market), as KSE-100 Index declined by -1.09%,” brokerage house Topline Securities noted in its post-market commentary.
According to the commentary, the top negative inputs to the index came from UBL, FFC, ENGROH, HUBC, and LUCK, which cumulatively knocked off 900 points.
The week overall saw choppy trading. “Despite surrendering early-week gains, the KSE-100 wrapped up the week nearly flat, edging up 163 points. After opening at 155,057, the index navigated a wide range, slipping to 154,360 at its low and scaling a record 157,817 at its high, before ultimately closing at 154,440, holding its ground,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
He added that profit-taking and cautious sentiment may keep volatility alive in the coming sessions, but 154,000 continues to anchor as the market’s sturdy safety net.
Global Cues
Asian equities closed broadly higher on Friday, tracking Wall Street’s gains amid firm expectations of multiple US Federal Reserve rate cuts this year. Japan’s Nikkei climbed 0.6% to a fresh record, South Korea rose 1.1%, while MSCI’s Asia-Pacific ex-Japan index advanced 1.2%.
Currency Market
Meanwhile, the Pakistani rupee extended its winning streak against the US dollar, appreciating marginally in the inter-bank market. The currency closed at 281.55, gaining Rs 0.01. This marked the rupee’s 26th successive gain against the greenback.
Volumes and Turnover
Trading activity slowed, with total share volume on the all-share index declining to 987.59 million from 1,279.94 million in the previous session. The value of shares traded stood at Rs 39.91 billion, down from Rs 50.21 billion in the preceding session.
- Nat. Equities led the volumes with 61.99 million shares, followed by Agha Steel Industries (61.30 million) and Pervez Ahmed Co (47.22 million).
Out of 476 companies that traded, 180 closed higher, 263 declined, and 33 remained unchanged.
Weekly Wrap
For the week, the KSE-100 advanced by 163 points (+0.1%) after testing record highs and absorbing profit-taking spells. Banking, fertiliser, and cement sectors largely dictated the index’s trajectory, while technology and refinery shares saw renewed investor interest. Analysts said leverage costs and cautious sentiment will remain key drivers next week, with 154,000 expected to serve as a critical support level.
