KARACHI: The Pakistan Stock Exchange (PSX) continued another day of consolidation at the peak level as the market again hit 170,000 points in the intraday session. The benchmark KSE-100 index closed lower by 877 points amid profit-taking at the record high level.
The benchmark KSE-100 index decreased by 877.17 points to 168,574.69 points from 169,451.86 points recorded in the last session. The highest index of the day remained at 170,301.48 points, while the lowest level was recorded at 168,548.46 points.
Ali Najib, an analyst at Arif Habib Ltd, said that the PSX once again attempted to conquer the 170k level on a closing basis but fell short, as the KSE-100 Index ended the session at 168,575 points, down 877 points or 0.52 per cent.
The market opened firmly in the green, carrying forward its bullish momentum and briefly crossing the 170k mark. However, profit-taking emerged at higher levels for the second consecutive session, dragging the index into negative territory. During the day, the benchmark slipped below both 170k and 169k levels before stabilising near the close.
On the political front, Pakistan witnessed a major development as the army convicted former spy chief, sentencing him to 14 years in one of the most high-profile military trials in the country’s history. Corporate news remained active, with OGDC announcing that it has received Rs41.8 billion from Uch Power (Pvt) Ltd against outstanding receivables.
“As expected, the market spent the day in consolidation. Heading into the final session, a close above 170k would signal further upside ahead. On the flip side, another round of consolidation cannot be ruled out if the index fails to hold upward momentum,” he said.
The KSE-30 index closed lower by 285.3 points, or 0.55 per cent, to 51,175.35 points from 51,460.65 points.Traded shares rose by 98 million shares to 1,288.969 million shares from 1,190.534 million shares. The trading value rose to Rs55.231 billion from Rs50.493 billion. Market capital narrowed to Rs19.217 trillion against Rs19.289 trillion. Of the 486 companies active in the session, 190 closed in green, 257 in red and 39 remained unchanged.
The highest increase was recorded in Khyber Textile Mills Limited, which rose by Rs114.59 to Rs2,025.53 per share, followed by Hafiz Limited, which increased by Rs37.13 to Rs408.59 per share. A significant decline was noted in Unilever Pakistan Foods Limited, which fell by Rs289 to Rs28,710 per share. Pakistan Services Limited followed it, which closed lower by Rs81.22 to Rs1,318.05 per share. Maaz Mulla, an analyst at JS Global, said the local bourse witnessed a measured round of profit booking, as the benchmark index approached the key psychological barrier of 170,000.
On the news front, sentiment was underpinned by a landmark development: Pakistan successfully completed a Rs659.6 billion settlement of Power Holding Limited (PHL) debts, the largest-ever transaction in the country’s debt capital markets. This historic move is expected to enhance fiscal stability and improve confidence across financial circles.
Stock-specific activity painted a mixed picture. ENGROH, NML, OGDC, KAPCO and AICL collectively added 319 points to the index, providing much-needed support. However, this strength was offset by weakness in FFC, LUCK, HBL and PSEL, which together dragged the index down by 566 points.
Hum Network remained the volume leader with 187.98 million shares, which closed higher by 68 paisas to Rs14.65 per share. Pakgen Power with 180.077 million shares, followed it, which closed lower by Rs4.10 to Rs58.92 per share.
Other significant turnover stocks included TPL Properties, TPL Corp Ltd, Dost Steels Ltd, F Nat Equities, Sui South Gas, Bank Makramah, Pak Int Bulk and BO Punjab. In the futures market, 316 companies recorded trading, 85 of which increased, 228 decreased and 3 remained unchanged.
