Stocks down 78 points amid lack of market triggers

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a mixed session as KSE-100 closed slightly lower by 78 points, reflecting investor uncertainty amid the lack of strong market triggers.

The KSE-100 Index closed by 78.02 points, or 0.07 per cent, to 113,784.31 points, down from the 113,862.33 points recorded in the last session. The highest index of the day remained at 114,456.92 points, while the lowest level was recorded at 113,729.53 points.

According to Ahsan Mehanti, an analyst at Arif Habib Corp, “Stocks closed lower amid pressure in the pre-budget session as investors eye corporate and provincial tax reforms ahead of IMF approvals for the federal budget FY26 proposals.”

He said that uncertainty over IPP deals, and the outcome of tax reforms under IMF review next week played a catalyst role in the bearish close.The KSE-30 index decreased by 13.71 points or 0.04 per cent to 35,387.15 points against 35,400.86 points.

Traded shares decreased by 243 million shares to 397.393 million shares from 640.178 million shares. The trading value dropped to Rs19.327 billion from Rs22.740 billion. Market capital narrowed to Rs14.033 trillion against Rs14.050 trillion. Of 454 companies active in the session, 145 closed in green, 253 in red and 56 remained unchanged.

Analyst Naveed Nadeem at Topline Securities said the local bourse experienced a range-bound session, with the benchmark index fluctuating between an intraday high of 595 points and a low of 133 points. It eventually closed at 113,784 points, reflecting a modest decline of 78 points (-0.07 per cent). He added that “Investor sentiment remained mixed due to a lack of market-moving triggers”.

The upward movement was primarily driven by OGDC, PPL, SNGP, PKGP and MEBL, which collectively contributed 231 points to the index. Conversely, LUCK, HBL and PSO together subtracted 132 points from the index.

The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs75.02 to Rs23,399.99 per share, followed by PIA Holding Company Limited B, which increased by Rs30.75 to Rs884.29 per share. A significant decline was noted in Hoechst Pakistan Limited, which fell by Rs184.68 to Rs3,002.79 per share, Ismail Industries Limited followed it, which closed lower by Rs44.52 to Rs1,890.40 per share.

Brokerage Arif Habib Ltd stated that PSX witnessed a mixed session as the KSE-100 index failed to break past the 115,000 mark, reflecting investor uncertainty.

In macroeconomic updates, Pakistan’s finance ministry projected a slight increase in inflation (3-4 per cent) in March, which could influence future market sentiment.

Despite Thursday’s mixed performance, the KSE-100 remains up 0.87 per cent for the week, with analysts suggesting that a one percent rally is needed for a strong close above 115,000.

Cnergyico PK remained the volume leader with 71.837 million shares, which closed higher by 12 paisas to Rs7.81 per share. WorldCall Telecom, with 20.251 million shares, followed it, which closed lower by one paisa to Rs1.45 per share. Other significant turnover stocks included At-Tahur Ltd, Sui North Gas, Sui South Gas, Citi Pharma Ltd, Pak Elektron, Pak Int Bulk, Treet Corp and B O Punjab.In the Futures Market, 332 companies recorded trading, 97 of which increased, 225 decreased and 10 remained unchanged.