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KARACHI:
Trading at the Pakistan Stock Exchange (PSX) remained volatile on Thursday as the benchmark KSE-100 index plunged nearly 2,000 points, driven by profit-taking ahead of futures contract rollover and unimpressive financial results of a few banks.
In the morning, the market commenced proceedings on a positive note, reaching the intra-day high of 166,720 in the very first hour. The index stayed close to that level by midday, but it started coming down later.
The bourse saw a steep drop and after frequent ups and downs, it hit the intra-day low of 164,395 just before close. At the end of the session, the KSE-100 index recorded a dip of 1,962.87 points, or 1.18%, to settle at 164,590.41.
Commenting on the market’s movement, Topline Securities said that stock trading remained notably volatile, reflecting mixed investor sentiment, as the index oscillated between the intra-day high of 166,720 and a low of 164,395. The KSE-100 ended the session at 164,590, registering a decline of 1,963 points.
It noted that the volatility was largely attributed to profit-taking ahead of the upcoming rollover week, coupled with disappointing financial results from Bank AL Habib and Bank Alfalah.
Among the major laggards, Bank AL Habib, Habib Metropolitan Bank, Lucky Cement, Hub Power and Engro collectively eroded 1,019 points from the index. Despite the downturn, investor participation remained robust, with the total traded volume surging to 1,505 million shares, Topline added.
Arif Habib Limited (AHL) commented that selling pressure intensified on Thursday, where banks saw notable declines. On KSE-100, 24 shares rose while 74 fell with MCB Bank (+1.07%), Interloop Limited (+5.82%) and Fauji Fertiliser Company (FFC, +0.27%) contributing the most to index gains. On the other hand, Bank AL Habib (-9.98%), Habib Metropolitan Bank (-5.89%) and Lucky Cement (-1.75%) were the biggest index drags.
FFC announced 9MCY25 earnings per share (EPS) of Rs40.50, up 14% year-on-year (YoY), and a dividend per share of Rs28.5. Net sales rose 18% YoY in 3QCY25, primarily driven by a notable increase in urea and di-ammonium phosphate (DAP) offtake, which grew 14% and 17%, respectively.
HBL declared 9MCY25 EPS of Rs34.96, up 19% YoY, and a dividend per share of Rs14. Earnings improvement was primarily driven by stronger net interest income (NII) and higher non-funded income, AHL observed.
Faysal Bank reported 9MCY25 EPS of Rs10.25, down 24% YoY, and a dividend per share of Rs4.5. Earnings contraction stemmed from a decline in net profit earned (NII) and higher operating costs.
The 166k level needs to be regained to pave the way for further advance as “the KSE-100 is now trading in a congestion zone”. “Heading into the last session of the week, the index is currently up 0.48%,” AHL added.
The overall trading volume decreased to 1.50 billion shares compared with Wednesday’s tally of 1.57 billion. The total value of traded shares stood at Rs49.5 billion.
Shares of 474 companies were traded. Of these, 147 closed higher, 291 fell and 36 remained unchanged.
WorldCall Telecom emerged as the volume leader with trading in 162.2 million shares, edging up one paisa to close at Rs2.09 per share. It was followed by K-Electric, which saw 138.2 million shares change hands, falling 13 paisa to close at Rs6.08 and Telecard Ltd, with 90.6 million shares, rising 12 paisa to close at Rs13.26. Foreign investors sold shares worth Rs539.2 million, according to NCCPL.
