KARACHI: The KSE-100 index remained rangebound and declined 609.51 points, or 0.36 per cent, on Monday to close at 170,506.31 against the previous session’s close of 171,115.82.
The index touched an intraday high of 171,304.11 before retreating to a low of 169,583.45. The market remained under pressure throughout the day amid geopolitical tensions, as there was no progress on peace talks between the United States and Iran.
The KSE-30 index fell 457.52 points, or 0.89 per cent, to end at 51,021.03. Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a range-bound session. Market momentum remained subdued amid persistent geopolitical tensions, as aggressive rhetoric from both US and Iranian officials heightened concerns over further escalation in the region.
“Going forward, US-Iran developments will remain a key catalyst for market direction. While no formal schedule for talks has been confirmed, ongoing diplomatic engagement and backchannel contacts indicate that negotiations are likely to continue in the near term,” he said.
Volumes in the ready market rose 7.61 per cent to 1.103 billion shares, though traded value declined 15.35 per cent to Rs31.04 billion from Rs36.67 billion in the previous session. Market capitalisation eased 0.18 per cent to Rs18,869.95 billion from Rs18,903.43 billion.
Market breadth was negative in the ready market, with 234 companies advancing, 215 declining and 39 finishing unchanged out of 488 traded. Among the top gainers, Nestle Pakistan surged Rs230.52 to close at Rs7,731.58, while PIA Holding Company rose Rs130.94 to Rs19,400. On the downside, Shahmurad Sugar Mills fell Rs24.52 to close at Rs395.17, while Hafiz Limited declined Rs16.01 to Rs415.
Naveed Nadeem, senior equity trader at Topline Securities Limited, said the benchmark index endured a volatile and range-bound trading session, as investor sentiment remained fragile amid the absence of any concrete progress in ongoing negotiations and persistent uncertainty surrounding developments between the United States and Iran. The market witnessed intraday fluctuations, with the index plunging to an intraday low of 1,532 points before staging a partial recovery.
Index-heavy stocks, including UBL, LUCK, ENGROH, MEBL and NBP collectively dragged the index down by 667 points.
K-Electric led the ready market in turnover with 376.83 million shares, gaining 83 paisas to close at Rs8.95. Agha Steel Industries followed with 51.88 million shares, rising 96 paisas to Rs8.91. Other prominent names in the turnover list included Cnergyico PK, Fauji Foods, Pak Int Bulk Terminal, Hascol Petroleum, PIA Holding Company, Bank of Punjab, F Nat Equities and Dewan Motors.In the futures market, 324 companies were traded, of which 126 rose, 194 fell and 4 remained unchanged.
