KARACHI: The KSE-100 index closed sharply lower on Thursday, shedding 952.3 points, or 0.57 per cent, to settle at 166,498.84 against the previous close of 167,451.14, as selling pressure spread across most sectors of the market. The market sentiment remained low amid no progress on peace negotiations.
The KSE-30 index retreated 319.08 points, or 0.64 per cent, to close at 49,764.01. The KSE-100 touched an intraday high of 168,528.87 before pulling back to a low of 166,398.9 during the session.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed another volatile session. The market opened on a positive note amid optimism surrounding the anticipated visit of the US president to China, which raised hopes of easing geopolitical tensions.
However, investor sentiment remained cautious due to the absence of tangible progress in ongoing negotiations and continued uncertainty surrounding US-Iran developments. As far as power sector reform goes, Power Minister Awais Leghari has said that Pakistan is steadily reducing its dependence on imported fuels for electricity generation.
“Going forward, US-Iran developments will remain a key market catalyst, with ongoing diplomatic engagement and backchannel talks keeping investors focused on geopolitical headlines,” said Najib.
Volumes in the ready market rose to 706.02 million shares, up 3.08 per cent from 684.9 million shares in the previous session. However, traded value declined 8.37 per cent to Rs19.92 billion from Rs21.74 billion, while market capitalisation fell 0.51 per cent to Rs18.475 trillion from Rs18.571 trillion.
Market breadth was negative, with 293 companies declining against 155 advancing and 36 unchanged out of 484 companies traded in the ready market.
PIA Holding Company Limited led gainers, rising Rs119.47 to close at Rs18,797, followed by Khairpur Sugar Mills Limited, which added Rs119.04 to close at Rs1,309.47. On the losing side, Unilever Pakistan Foods Limited fell Rs239.83 to close at Rs26,000.5, while Khyber Textile Mills Limited shed Rs20.97 to close at Rs1,564.03.
According to Topline Sales Desk, the local bourse witnessed another volatile trading session, with the benchmark index swinging sharply throughout the day amid cautious investor sentiment.
Market participants remained wary due to the lack of tangible progress in ongoing negotiations and persistent uncertainty surrounding developments between the US and Iran. Adding to the pressure, elevated international oil prices continued to dampen investor confidence, keeping overall market sentiment fragile throughout the session.
UBL, SYS, BAFL, FFC and PPL came under selling pressure, collectively dragging the benchmark down by 581 points. Conversely, JVDC, FCCL, SRVI, TRG and CHCC provided some support, adding a combined 101 points.
Bunnys Limited topped the turnover list with 115.35 million shares changing hands, with the scrip declining 39 paisas to close at Rs7.08. Trust Brokerage came second with 62.76 million shares traded, gaining 2 paisas to close at Rs2. Treet Battery Ltd., Cnergyico PK, WorldCall Telecom, LSE Capital Ltd., Agha Steel Ind., BO Punjab, K-Electric Ltd and F Nat Equities also featured among the top turnover counters.In the futures market, 68 companies advanced, 247 declined and 3 remained unchanged out of 318 contracts traded.
