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Overall market participation was strong, as 1,066 million shares were traded with a total value of Rs. 49 billion. KEL led the volume chart, with 195.8 million shares..Photo: Express
The Pakistan Stock Exchange (PSX) broke a positive streak during early trading on Friday, with the benchmark KSE-100 Index dropping more than 1,100 points before trading was suspended.
As of the latest available data, the index stood at 171,728.22, reflecting a loss of 1,166.05 points or 0.67% from Thursday’s closing of 172,894.27. The market touched an intraday high of 172,048.16 but fell sharply to a low of 170,393.12, showing significant volatility within the first hour of trading.
Trading volume remained robust, with over 176.29 million shares changing hands, generating a total value of approximately Rs12.45 billion.
Market analysts attribute the decline to multiple factors, including profit-taking after recent gains, concerns over macroeconomic indicators stemming from the Israel-US war on Iran, and possible foreign selling pressure.
Rising global oil prices and uncertainty in regional markets may also have contributed to the bearish sentiment.
The broader market saw widespread selling, though specific sectoral performances could not be immediately detailed due to the suspension. Blue-chip stocks appeared under pressure, dragging the index lower.
Read: PSX stays bullish, nears 173,000
On Thursday, PSX maintained its bullish momentum as investor sentiment strengthened amid easing geopolitical tensions in the Middle East, pushing the benchmark KSE-100 index higher by 1,190 points to close just below the 173,000 level.
Strong buying in banking, cement, oil and fertiliser stocks kept the market firmly in positive territory despite mid-session profit-taking that triggered temporary volatility.
“Sentiment remained positive throughout the day, with strength emerging from cement, oil & gas, power, and commercial bank stocks, keeping the benchmark comfortably in the green,” said Ahmed Sheraz of KASB KTrade.
Arif Habib Limited (AHL) noted that the Pakistan Stock Exchange extended its gains, with the benchmark KSE-100 index climbing 1,189.5 points to close at 172,894.3 after touching an intra-day high of 173,275.
Market sentiment remained upbeat as investors responded positively to easing geopolitical concerns surrounding the Strait of Hormuz and expectations of reduced regional tensions.
