KARACHI: The KSE-100 index closed lower on Friday, shedding 670.2 points, or 0.4 per cent, to settle at 167,844.25 against the previous close of 168,514.45.
The market performed positively in the early session on reports of development on the diplomatic level but closed in the negative territory amid profit-taking by the investors.
The index touched an intraday high of 169,624.78 and a low of 167,480.67 during the session. The KSE-30 index declined 271.17 points, or 0.54 per cent, to close at 50,308.01.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a mixed session. The market opened on a positive note as investor sentiment improved amid reports surrounding ongoing US-Iran negotiations and easing international oil prices. However, profit-taking in the latter half of the session erased early gains and pushed the benchmark into negative territory.
On the geopolitical front, the UAE, alongside Saudi Arabia and Qatar, urged US President Donald Trump to allow more time for diplomacy with Iran, while US Secretary of State Marco Rubio noted “slight progress” in negotiations, although uncertainty over a lasting agreement persists.
“Going forward, US-Iran developments will remain a key market catalyst, with investors closely tracking diplomatic engagements and geopolitical headlines. Recent signs of progress in negotiations have supported sentiment, though uncertainty over a lasting agreement persists,” stated Najib.
Any further de-escalation could strengthen investor confidence, while adverse developments may trigger renewed volatility across regional markets.
Volumes remained thin in the ready market, with 480.82 million shares changing hands, down 34.13 per cent from 729.4 million in the preceding session. Traded value contracted 35.07 per cent to Rs22.72 billion from Rs34.99 billion, while market capitalisation edged down 0.24 per cent to Rs18.62 trillion from Rs18.66 trillion.
Market breadth was negative, with 160 stocks advancing against 280 declining and 46 closing unchanged.
Among the top gainers, Rafhan Maize Products Company Limited surged Rs122.17 to close at Rs9,647.5, while Ismail Industries Limited added Rs48.79 to finish at Rs1,968.08. On the losing side, Unilever Pakistan Foods Limited fell Rs173.62 to close at Rs26,000, and PIA Holding Company Limited declined Rs153 to Rs18,147.
Nabeel Haroon, vice president of international equity sales at Topline Securities Ltd, said that continuing its momentum KSE-100 index opened on a positive note. This positive opening can be attributed to news flow suggesting that US-Iran negations have entered a final stage, which have resulted in decline in oil prices. However, later during the day investors came in to sell before the weekend.
Top negative contribution to the index came from UBL, HBL, LUCK PA, ENGROH and SYS, as they cumulatively contributed 354 points to the index. Traded value-wise PTC ($5.6 million), PPL ($4 million), NBP ($3.7 million), AGP ($3.6 million) and UBL ($2.4 million) dominated the trading activity.
In the turnover table, Sitara Petroleum led with 80.1 million shares, gaining 37 paisas to close at Rs21.16, followed by Pervez Ahmed Co with 34.78 million shares, declining 22 paisas to Rs2.81. Other actively traded stocks included P.T.C.L., Hascol Petrol, BO Punjab, Cnergyico PK, K-Electric Limited, WorldCall Telecom, Oilboy Energy, and Agha Steel Industries.
In the futures market, 318 contracts were traded, with 60 recording gains, 253 declining, and 5 closing unchanged.
