Stocks close flat amid profit-taking

KARACHI: The Pakistan Stock Exchange (PSX) closed flat following a bullish momentum for three consecutive sessions. The benchmark KSE-100 index decreased by 39 points as investors opted for profit taking.

The benchmark KSE-100 index dropped by 39.36 points, or 0.03 per cent, to 118,536.53 points, down from 118,575.89 points recorded in the last session. The highest index of the day remained at 119,460.54 points, while the lowest level was recorded at 118,148.65 points.

Analyst Ahsan Mehanti at Arif Habib Ltd said, “Stocks closed flat amid uncertainty ahead of Budget FY26.”Dismal data on car sales -- down 10 per cent MoM in April -- and extensive tax regulation on cement distributors impacted the sentiments.

He said that concerns over ongoing tensions over Pakistan-India diplomatic ties, and rupee instability played a catalytic role in the bearish close.The KSE-30 index decreased by 7.94 points or 0.02 per cent to 36,293.72 points from 36,301.66 points.

Traded shares dropped by 75 million shares to 609.063 million shares from 684.294 million shares. The trading value decreased to Rs41.913 billion from Rs52.586 billion. Market capital expanded to Rs14.211 trillion against Rs14.205 trillion. Of the 451 companies active in the session, 207 closed in green, 191 in red and 53 remained unchanged.

Naveed Nadeem, an analyst at Topline Securities, said that after two consecutive sessions of a powerful bull run, the local bourse witnessed a hot-and-cold trading day, marked by heightened volatility and strategic profit-taking.

On the upside, heavyweights such as ENGROH, FFC, MEBL, and UBL led the charge, collectively adding 470 points to the index. However, the rally lost some steam as OGDC, MCB, BAHL, and MARI dragged the index down by a combined 354 points, offsetting much of the early momentum.

The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs935.96 to Rs10,295.59 per share, followed by Khyber Textile Mills Limited, which increased by Rs88.92 to Rs978.13 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs236.35 to Rs22,676.15 per share, Hoechst Pakistan Limited followed it, which closed lower by Rs137.93 to Rs3,260 per share.

At-Tahur Ltd. remained the volume leader with 38.761 million shares, which closed higher by Rs4.08 to Rs44.84 per share. Fauji Cement, with 36.170 million shares, followed it, which closed higher by 33 paisas to Rs47.86 per share.

Other significant turnover stocks included Sui South Gas, WorldCall Telecom, Pak Refinery, DGK Cement, Power Cement, Cnergyico PK, BO Punjab, and K-Electric Ltd. In the futures market, 318 companies recorded trading, 164 of which increased, 147 decreased and 7 remained unchanged.