KARACHI: The Pakistan Stock Exchange witnessed sharp losses on Thursday as the KSE-100 index tumbled 2,405.93 points, or 1.4 per cent, to close at 169,173.38 against the previous session’s close of 171,579.31. The market remained volatile amid uncertainty over the second round of peace talks in Islamabad.
The index swung between an intraday high of 171,561.74 and a low of 168,416.02 during the session. The KSE-30 index shed 886.76 points, or 1.7 per cent, to end at 51,218.37.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed selling pressure and lost a key psychological level of 170k. The market remained weak throughout the day as the benchmark index faced selling pressure during trading hours.
“Amid uncertainty over US-Iran talks in Islamabad, sentiment is likely to remain cautiously supportive yet fragile, with delays and disagreements keeping markets volatile and largely headline-driven in the near term,” he said.
Turnover in the ready market rose 25.37 per cent to 1.321 billion shares from 1.054 billion shares in the preceding session. Traded value, however, declined 17.29 per cent to Rs30.84 billion against Rs37.29 billion previously. Market capitalisation contracted 1.35 per cent to Rs18.714 trillion from Rs18.971 trillion in the prior session.
Market breadth was negative, with 164 companies advancing against 286 declining and 33 unchanged out of 483 traded.
Among the top gainers, The Thal Industries Corporation Limited rose Rs67.11 to close at Rs738.22, while Nestle Pakistan Limited added Rs41.40 to finish at Rs7,416.05. On the downside, Khairpur Sugar Mills Limited led declines, falling Rs101.52 to close at Rs913.65, followed by Sazgar Engineering Works Limited, which shed Rs89.24 to end at Rs2,041.28.
According to Topline Sales Desk, bears returned to centre stage as tensions flared around the Strait of Hormuz, where reports of blockades and vessel seizures rattled global sentiment. Meanwhile, Islamabad continues to await Iranian and American officials for expected peace talks, keeping uncertainty elevated.
Amid the risk-off mood, the benchmark index plunged to an intraday low of 3,163 points before settling at 169,173 -- down 2,405 points (-1.4 per cent) -- as broad-based selling gripped the market.
Key index heavyweights, including FFC, UBL, MEBL, PPL and BAFL, remained under sustained pressure, collectively shaving off 942 points from the index.F Nat Equities led turnover, gaining 32 paisas to close at Rs1.70, with 286.82 million shares changing hands. Hascol Petroleum advanced Rs1.12 to close at Rs20.51 on volume of 77.78 million shares. Kohinoor Spinning, Yousuf Weaving, Clover Pakistan, Cnergyico PK, Trust Brokerage, Unity Foods Ltd, Beco Steel Ltd and K-Electric Ltd also remained in the top turnover list. In the futures market, 322 contracts were traded, with 48 advancing, 270 declining and 4 unchanged.
