KEY POINTS
- KSE-100 Index retreats 975 points, down 0.52pc after hitting fresh intraday highs
- Profit-taking offsets partially earlier institutional buying across key sectors
- Banking, energy, and cement stocks record mixed performance
- Market activity remains elevated with volumes rising to 1.43 billion shares
ISLAMABAD: The Pakistan Stock Exchange (PSX) underwent a session of intense volatility on Thursday, as the benchmark KSE-100 Index retreated from record highs, with investors resorting to profit-taking after a stellar run-in previous sessions.
Trading opened on a cautious note, with the index dipping sharply in the early hours.
Midday buying interest took the market to an intraday high of 187,905 points, supported by heavyweight sectors including commercial banks, oil and gas exploration, power generation, and cement.
Positive sentiment was reinforced by expectations of monetary easing and improving macroeconomic signals.
Selling pressure crept in by the latter half of the session and was intensified in the final hour as investors locked in gains.
The KSE-100 Index hit an intraday low of 185,199 before closing at 185,543.01, down 975.70 points or 0.52 per cent from Wednesday’s record close of 186,518.71.
“The pullback appeared largely technical, suggesting consolidation rather than a shift in the broader bullish trend following the recent rally,” said Topline Securities.
On the positive side, AICL, NBP, PAEL, FFC, and MARI collectively added 384 points, while declines in ENGROH, UBL, MEBL, SYS, and PPL erased 986 points from the benchmark.
Market activity remained robust despite the correction. Volume on the all-share index increased to 1.43 billion shares from 1.33 billion in the previous session, while the value of traded shares rose to Rs 91.34 billion from Rs 86.59 billion.
Agha Steel Industries led volumes with 131.88 million shares, followed by Pak Elektron at 76.29 million and Hascol Petrol at 59.91 million.
A total of 481 companies traded, with 209 advancing, 245 declining, and 27 unchanged.
Sector-wise, banking stocks traded mixed as selective profit-taking offset earlier gains. Oil and gas shares fell alongside refineries amid local selling and international price movements.
Cement stocks remained volatile amid investor caution, while fertiliser and power sector shares offered limited support.
Globally, markets were mixed on Thursday. In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan swung between gains and losses, while Japan’s Nikkei fell 0.74 percent.
European futures traded lower, and U.S. futures showed a cautious tone, with Nasdaq futures down 0.02 percent and S&P 500 futures up 0.05 percent.
Oil prices steadied after recent slides, though geopolitical developments in Venezuela kept commodities and energy sectors in focus.
The Pakistani rupee saw a marginal improvement against the U.S. dollar in the interbank market, closing at 280.05, up Rs0.01.
Analysts expect continued volatility in the near term, with institutional activity and macroeconomic developments likely to guide market direction.
