After a positive start, profit-taking returned to the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index closing the day lower by 562 points.
The stock market opened on a positive note, taking the KSE-100 to an intra-day high of 139,867.82.
However, selling pressure soon emerged, pushing the index to an intra-day low of 138,614.10.
At close, the benchmark index settled at 138,692.67, down by 561.69 points or 0.40%.
“After a strong rally in recent sessions, the local bourse took a step back today as investors opted to lock in gains ahead of the final days of the rollover week,” brokerage house Topline Securities said in its post-market report.
“The session was marked by a tug-of-war between bullish sentiment and rollover-induced caution, with market participants leaning toward profit-booking. As rollover pressure mounts, choppy movements are likely to persist, with selective interest expected to dictate near-term direction.”
Key drags on the index included FFC, HBL, ENGROH, MARI, and EFERT, collectively pulling the index down by 506 points. On the flip side, HUBC, MCB, and SYS lent some support, adding a combined 204 points, Topline said.
On Wednesday, PSX came under mild pressure as investors opted for profit-taking. Investors appeared to reassess the sustainability of the recent bullish momentum, leading to a measured pullback in key sectors. The KSE-100 Index shed 165.26 points or 0.12%, settling at 139,254.36 points.
Globally, shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher-yielding assets.
Tokyo’s broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the US stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the “Magnificent Seven” earnings season.
The US has also reached deals with the Philippines and Indonesia, and an agreement with the European Union is also expected.
The EU and US are closing in on a trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said US and Chinese officials will meet in Stockholm next week.
Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI).
Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan’s Topix surged for a second day, rising 1.4% to surpass its previous all-time high reached last year.
Meanwhile, the Pakistani rupee strengthened against the US dollar, appreciating 0.19% in the inter-bank market on Thursday. At close, the currency settled at 284.22, a gain of Re0.54.
Volume on the all-share index decreased to 648.80 million from 656.64 million recorded in the previous close.
The value of shares declined to Rs28.12 billion from Rs32.09 billion in the previous session.
B.O.Punjab was the volume leader with 113.03 million shares, followed by Media Times Ltd with 37.11 million shares, and WorldCall Telecom with 28.18 million shares.
Shares of 484 companies were traded on Thursday, of which 182 registered an increase, 273 recorded a fall, while 29 remained unchanged.
