PSX settles roughly flat
The benchmark KSE-100 Index opened on a positive note, swiftly extending its early gains to touch an intraday high of 134,200 points. However, profit-taking pressure soon emerged, dragging the index down to an intraday low of 132,696 points. By the end of the session, the market managed to recover a portion of its losses, with the KSE-100 closing at 133,403.19 points, a modest increase of 33 points or 0.02 percent from the previous close of 133,370.15 points.
On Tuesday, BRIndex100 closed at 13,548.88 points, gaining 1.74 points or 0.01 percent with a total turnover of 960.36 million shares. On the other hand, BRIndex30 edged up by 71.2 points or 0.18 percent to settle at 39,813.57 points, with a total volume of 538.56 million shares.
Topline Securities noted that the local bourse blew hot and cold in today's trading session, swinging between extremes before settling almost flat. After a strong streak of consecutive gains, the market paused for breath, with sector-wise profit booking taking center stage. Investors opted to lock in recent gains, leading to a mixed session that saw volatility across the board, it added.
On the performance board, select heavyweight stocks played a pivotal role in limiting the market's losses. HBL Microfinance Bank (HMB), Askari Bank (AKBL), Meezan Bank Limited (MEBL), Indus Motor Company (INDU), and MCB Bank (MCB) emerged as the key gainers of the day. Together, these five counters added 222 points to the index's tally. Conversely, prominent scrips including Fauji Fertilizer Company (FFC), Systems Limited (SYS), Engro Fertilizers (EFERT), and Mari Petroleum (MARI) witnessed selling pressure and collectively shaved off 173 points, offsetting much of the positive momentum.
Investor participation, however, remained solid despite the market's cautious mood. Total trading volumes in the ready market surged past the 1.20 billion mark, significantly higher than the previous day's 919.90 million shares. Turnover also remained impressive, clocking in at Rs. 42.02 billion although slightly less than yesterday's Rs 45.31 billion. TPL Properties once again led the volume charts, with an eye-catching trade of 96.71 million shares, followed by WorldCall Telecom with 64.36 million shares changing hands and Hascol Petroleum with a total 47.69 million shares traded.
Market capitalization also saw an increase of Rs 20.70 billion on Tuesday, rising from Rs 16.106 trillion in the previous session to Rs 16.127 trillion on Tuesday.
Notable price movements included a gain of Rs. 138.42 in Nestle Pakistan, closing at Rs. 7,224.92, and a jump of Rs. 92.36 in Indus Motor Company, settling at Rs. 2,021.18. On the flip side, PIA Holding CompanyB was the biggest decliner, shedding a hefty Rs 2,138.50 to close at Rs 19,649.09, while Unilever Pakistan Foods fell by Rs. 160.51 to Rs 23,238.64.
Meanwhile, the broader market breadth remained negative, with 231 stocks declining against 217 advancing out of a total of 480 traded scrips in the ready market.
The BR Automobile Assembler Index closed at 21,726.49 points, recording a net gain of 190.77 points or 0.89 percent, with a total turnover of 13.88 million shares.
The BR Cement Index settled at 10,717.91 points, up by 5.26 points or 0.05 percent, with a traded volume of 48.48 million shares.
The BR Commercial Banks Index ended the session at 38,368.55 points, rising by 201.14 points or 0.53 percent, with a turnover of 90.39 million shares.
The BR Power Generation and Distribution Index declined by 77.23 points or 0.37 percent to close at 21,027.99 points, with a total turnover of 20.46 million shares.
The BR Oil and Gas Index finished at 12,302.49 points, down by 16.30 points or 0.13 percent, with a turnover of 101.40 million shares.
Meanwhile, the BR Technology & Communication Index slipped by 3.50 points or 0.11 percent to close at 3,083.15 points, with the highest sector turnover of 189.03 million shares.
Market watchers pointed out that with the index having surged to record highs in recent sessions, intermittent profit-taking was a natural outcome as investors recalibrated their positions.
According to Ahsan Mehanti of Arif Habib Corporation, the bull market drivers on Tuesday included stocks closing higher ahead of major earnings announcements expected next week, coupled with receding fears over US trade tariffs and a 7.22 percent year-on-year surge in textile exports for FY25.
Additionally, reports of a sharp decline in Pakistan's Credit Default Swap (CDS) implied default risk, higher US import tariffs levied on competing exporters, and the relative stability of the rupee also played a catalytic role in supporting the market's resilience and contributing to yet another record-level close at the PSX.
Copyright Business Recorder, 2025
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