KARACHI: The Pakistan Stock Exchange (PSX) witnessed a slight decline on Thursday, as the benchmark KSE-100 index decreased by 260 points amid profit-taking in overbought stocks.
The index dropped by 259.56 points, or 0.21 per cent, to 124,093.12 points, down from 124,352.68 points recorded in the last session. The highest index of the day remained at 126,718.28 points, while the lowest level was recorded at 123,846.56 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed under pressure on geopolitical uncertainty and post-budget profit taking in overbought scrips.”He said rout in global equities on Middle East tensions and geopolitical risk; a slump in global crude oil prices; and a weak rupee on contracting exports played a catalytic role in the bearish close.
The KSE-30 index decreased by 95.15 points or 0.25 per cent to 37,536.69 points from 37,631.84 points.Traded shares decreased by 17 million shares to 1,024.633 million shares from 1,041.129 million shares. The trading value increased to Rs50.539 billion from Rs46.707 billion. Market capital narrowed to Rs14.951 trillion against Rs14.994 trillion. Of the 474 companies active in the session, 170 closed in green, 270 in red and 34 remained unchanged.
Naveed Nadeem, an analyst at Topline Securities, said the Pakistan stock market ended the session on a negative note, weighed down by cautious investor sentiment and profit-taking activity. The benchmark index moved within range, recording an intraday high of 2,365 points and a low of 501 points, before closing at 124,093.12, down 260 points or 0.21 per cent.
Downward pressure was largely attributed to declines in ENGROH, FFC, PPL, OGDC, and BAFL, which collectively eroded 401 points from the index. In contrast, support came from PKGP, UBL, BAHL, LUCK, and DGKC, which together added 347 points.
The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs204.47 to Rs23,310.33 per share, followed by Hoechst Pakistan Limited, which increased by Rs122.44 to Rs3,429.51 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs2,331.99 to Rs20,987.89 per share; Khyber Textile Mills Limited followed it, which closed lower by Rs221.55 to Rs1,993.94 per share.
Analyst Mubashir Anis Naviwala at JS Global said healthy volumes were seen, especially in the cement sector. “This dip appears to be short-term profit-taking after a strong multi-session rally,” he said. “Investors are advised to watch key support levels and use dips to accumulate. Focus remains on fertiliser, cement, and banking sectors for near-term opportunities.”
Sui South Gas remained the volume leader with 55.899 million shares, which closed higher by 78 paisas to Rs41.92 per share. Fauji Cement, with 50.597 million shares, followed it, which closed higher by 49 paisas to Rs47.36 per share.
Other significant turnover stocks included WorldCall Telecom, Pervez Ahmed Co, Maple Leaf, K-Electric Ltd., Invest Bank, Dewan Cement, Kohinoor Spinning, and Treet Corp. In the futures market, 317 companies recorded trading, 70 of which increased, 241 decreased and 6 remained unchanged.