Key Points
- KSE-100 closes at 171,404.48, down 0.32 per cent
- Late selling reverses early gains
- Index still posts weekly increase of around 1 per cent
ISLAMABAD: Pakistan’s stock market ended Friday in negative territory as investors booked profits after a strong rally earlier in the week, pushing the benchmark KSE-100 Index down by more than 550 points, PSX data showed.
Trading began on a positive note, and the index climbed to an intra-day high of 172,674.65, extending momentum from Thursday’s record close. Selling pressure emerged toward the end of the session, eroding gains during the early trade and bringing the benchmark lower before the close.
The index touched an intra-day low of 171,149.07 before recovering slightly. At close, the KSE-100 Index settled at 171,404.48, down 556.16 points, or 0.32 per cent.
Market participants cited profit-taking in heavyweight stocks after recent gains. A day earlier, the index had surged to an all-time closing high, supported by falling bond yields, improving macroeconomic indicators, and strong corporate activity.
On the corporate front, Rafhan Maize Products Company Limited announced it had received a firm intention from Nishat Group-linked entities and members of the Mansha family to acquire control, and up to 75.69 per cent of its voting shares, keeping merger and acquisition activity in focus.
Brokerage house Topline Securities said Lucky Cement, Systems Limited, United Bank, Meezan Bank, and Mari Petroleum contributed positively to the index.
On the downside, losses in Habib Bank, Maple Leaf Cement, Engro Holdings, Fauji Fertiliser Company, and Bank Alfalah weighed on overall market performance.
Despite Friday’s decline, the KSE-100 recorded a week-on-week gain of about one per cent. Analysts linked the broader positive trend to the central bank’s unexpected 50-basis-point cut in the policy rate earlier in the week, which lowered borrowing costs and improved investor sentiment.
Global markets provided a mixed backdrop. Asian equities rose on Friday after gains in US technology stocks lifted Wall Street. Japan’s Nikkei advanced 0.6 per cent, South Korea’s market climbed 1.2 per cent, and MSCI’s Asia-Pacific index excluding Japan edged higher.
In the currency market, Pakistan’s rupee strengthened marginally against the US dollar, closing at 280.25 in the inter-bank market.
Trading volumes declined. Total shares traded fell to 797.53 million from 950.14 million in the previous session. Market value also dropped to Rs 42.22 billion. K-Electric led volumes, followed by Bank Makramah and Crescent Star Insurance.
