KARACHI: The Pakistan Stock Exchange (PSX) witnessed a mixed session on Tuesday. The benchmark KSE-100 index closed lower by 294 points following a recent rally. The market moved up following the State Bank of Pakistan’s decision to cut the policy rate by 50 basis points (bps), which was short-lived as investors booked profits.
The KSE-100 index dropped by 294.05 points or 0.17 per cent to 170,447.3 points from 170,741.35 points recorded in the last session. The highest index of the day remained at 171,922.6 points, while the lowest level was recorded at 170,191.98 points.
Mubashir Anis Naviwala, an analyst at JS Global, said the PSX saw a volatile session after touching a historic high of 171,922. The KSE-100 failed to sustain higher levels and faced selling pressure. “Profit-taking dominated after the recent strong rally,” he said.
Intraday trend remained downward post mid-session. Despite the decline, overall activity stayed elevated, he said. “Market remains firm above 170k, though short-term consolidation is expected.”
The KSE-30 index closed lower by 100.47 points, or 0.19 per cent, to 51,831.63 points from 51,932.1 points.
Traded shares rose by 201 million shares to 1,176.637 million shares from 905.684 million shares. The trading value increased to Rs53.473 billion from Rs47.718 billion. Market capitalisation narrowed to Rs19.369 trillion against Rs19.405 trillion. Of the 482 companies active in the session, 161 closed in green, 290 in red and 31 remained unchanged.
The highest increase was recorded in Unilever Pakistan Foods Limited, which rose by Rs125 to Rs29,125 per share, followed by Dawood Lawrencepur Limited, which increased by Rs63.52 to Rs698.68 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs896 to Rs23,200 per share. Hoechst Pakistan Limited followed it, which closed lower by Rs292.06 to Rs4,516.93 per share.
Maaz Mulla, an analyst at Topline Securities, said the local bourse kicked off the session on a jubilant note, celebrating the State Bank of Pakistan’s decision to trim the policy rate by 50bps to 10.5 per cent. The rate cut fuelled early optimism, propelling the benchmark index to an intraday high of 1,185 points amid broad-based buying.
However, the early optimism proved short-lived as investors opted to lock in gains during the latter half of the session. Profit booking erased most of the early advances, dragging the index to an intraday low of 549 points before it finally settled at 170,447 -- down 294 points reflecting a cautious close despite supportive monetary signals.
Key index heavyweights -- UBL, BOP, NBP, KAPCO, and KTML -- led the rally, collectively contributing around 471 points to the index. On the flip side, FFC, SYS, PPL, DHPL, and OGDC weighed on performance, jointly shaving off 538 points.
Pak Int Bulk remained the volume leader with 101.812 million shares, which closed higher by 56 paisas to Rs17.75 per share. BO Punjab with 88.665 million shares, followed it, which closed higher by Rs1.72 to Rs37.11 per share.
Other significant turnover stocks included TPL Properties, TPL Corp Ltd, WorldCall Telecom, Cres Star Ins, PIA Holding Company, F Nat Equities, Fast Cables Ltd and PTCL.
In the futures market, 316 companies recorded trading, with 107 increasing, 203 decreasing, and 6 remaining unchanged.
