KARACHI: The Pakistan Stock Exchange (PSX) witnessed a negative session on Wednesday. The benchmark KSE-100 index closed lower by 1,382 points, as investors remained cautious and opted for profit-taking amid geopolitical tensions in the Middle East.
The KSE-100 Index dropped by 1,381.69 points or 0.75 per cent to 182,569.82 points from 183,951.51 points recorded in the last session. The highest index of the day remained at 184,726.60 points, while the lowest level was recorded at 182,369.87 points.
Ali Najib, deputy head of trading at Arif Habib Ltd, said consolidation at the PSX persisted with the KSE-100 index closing down 1,382 points.Market momentum remained subdued amid heightened geopolitical tensions, as investors adopted a cautious stance in light of escalating uncertainty surrounding the Middle East.
“Our stance remains intact: the market is expected to move sideways within the 180-187k range amid ongoing geopolitical uncertainty, while any short-term weakness should be seen as an opportunity to accumulate, supported by a solid fundamental backdrop,” said Ali Najib.
The KSE-30 index decreased by 415.17 points, or 0.74 per cent, to 56,029.54 points from 56,444.71 points.Traded shares dropped by three million shares to 1,034.117 million shares from 1,037.762 million shares. The trading value increased to Rs65.963 billion from Rs62.704 billion. Market capitalisation narrowed to Rs20.630 trillion against Rs20.769 trillion. Of the 483 companies active in the session, 90 closed in green, 352 in red, and 41 remained unchanged.
The highest increase was recorded in Atlas Honda Limited, which rose by Rs63.14 to Rs1,673.46 per share, followed by Security Papers Limited, which increased by Rs16.30 to Rs179.33 per share. A significant decline was noted in PIA Holding Company Limited B, which fell by Rs913.34 to Rs21,586.66 per share. Unilever Pakistan Foods Limited followed it, which closed lower by Rs98.42 to Rs28,512.58 per share.
Maaz Mulla, vice president equity sales at Topline Securities, said the local bourse witnessed a round of profit-taking as investors chose to lock in gains following the recent rally. Defying the broader market trend, the E&P sector emerged as a notable outperformer. OGDC rose 2.95 per cent, while PPL gained 2.12 per cent, both closing higher than the previous session amid selective buying interest in energy stocks.
On the index front, heavyweights including OGDC, PPL, AKBL, MEBL, and ATLH lent support, collectively contributing 429 points. Conversely, weakness in UBL, MCB, FFC, LUCK, and HUBC weighed on sentiment, shaving 897 points off the benchmark.
K-Electric Ltd remained the volume leader with 56.267 million shares, which closed lower by 2 paisas to Rs6.33 per share. WorldCall Telecom with 55.67 million shares, followed it, which closed lower by 7 paisas to Rs1.74 per share.
Other significant turnover stocks included Pak Int Bulk, Pace (Pak) Ltd, Nishat Power, Nishat ChunPower, Lotte Chemical, BO Punjab, Pak Elektron and Media Times Ltd. In the futures market, 313 companies recorded trading, with 60 increasing, 252 decreasing and one remaining unchanged.
