KARACHI: The stock market retreated modestly on Wednesday, a day after its historic surge, as investors opted to book profits and took a cautious stance amid a broadly mixed session. The benchmark KSE-100 index slipped by 318.64 points, or 0.2 per cent, to close at 155,858.48 points, down from the previous session’s closing of 156,177.12 points.
The index touched an intraday high of 158,624.52 points before sellers stepped in, pulling it down to a low of 155,652.36 points during the day. The pullback was modest in scale and came after the second-largest single-day point gain in the exchange’s history was recorded on Tuesday, suggesting that the market was consolidating its recent sharp gains rather than undergoing a sustained reversal.
The KSE-30 index mirrored the broader softness, declining by 191.53 points, or 0.4 per cent, to settle at 47,851.52 points, compared with 48,043.06 points in the previous session.Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX experienced a mixed trading session.
During the session, the market exhibited notable volatility, reflecting cautious investor sentiment and intermittent profit-taking.On the positive side, Engro Holdings, Bank AL Habib, Askari Bank, National Bank of Pakistan, and Adamjee Insurance collectively contributed 725 points to the index. Conversely, United Bank Limited, Pakistan Petroleum Limited, Oil and Gas Development Company, Meezan Bank, and Mari Petroleum weighed on the market, erasing a combined 634 points from the benchmark.
“Going forward, if geopolitical stability persists, the market’s positive momentum could carry into the next session. However, investors are expected to remain vigilant, keeping a close watch on external developments,” he said.
Trading activity remained reasonably active though slightly subdued compared with Tuesday. Shares traded in the ready market stood at 441.876 million, down from 486.523 million in the prior session. The traded value correspondingly fell to Rs24.984 billion from Rs31.217 billion. Market capitalisation edged down to Rs17.535 trillion from Rs17.579 trillion recorded previously.
Of the 477 companies active during the session, 216 closed in positive territory, 201 recorded losses and 60 remained unchanged. The near-even split between gainers and losers reflected the indecisive mood that gripped the market following the previous day’s euphoric rally.
Among the notable movers on the upside, Unilever Pakistan Foods Limited extended its recent strong run, gaining a further Rs132.2 to close at Rs25,255 per share. Ismail Industries Limited also posted a healthy rise of Rs66.71, ending the session at Rs1,850.06 per share.
On the declining side, Nestle Pakistan Limited shed Rs85.01 to close at Rs7,814.28 per share, reversing part of its previous session gains. Rafhan Maize Products Company Limited also retreated by Rs66.86 to close at Rs9,075 per share.
Mubashir Anis Naviwala, an analyst at JS Global, said the market failed to sustain early gains as profit-taking emerged during the latter half of the session. Selling pressure was mainly observed in key sectors including banks, cement and fertiliser stocks. “Overall sentiment remained cautious as investors continued to assess developments in global oil markets and regional geopolitical risks,” he said.
In terms of turnover, BO Punjab led the volume table with 37.706 million shares, closing higher by 69 paisas at Rs27.97 per share. K-Electric Ltd came a close second with 37.69 million shares changing hands, though the stock slipped by 24 paisas to close at Rs7.49 per share.Other notable movers included Cnergyico PK, WorldCall Telecom, Hascol Petrol, F Nat Equities, Nishat Power, Nishat ChunPower, National Bank XD and Pak Int Bulk.In the futures market, 331 companies recorded trading activity, of which 172 advanced, 158 declined, and one remained unchanged.
