KARACHI: The Pakistan Stock Exchange (PSX) continued its downward trend for the fifth consecutive session on Tuesday, with the benchmark KSE-100 index plunging over 2,000 points as investors remained cautious despite the central bank maintaining the policy rate at 11 per cent in its latest monetary policy review.
Data compiled by Topline Securities showed the benchmark index experienced volatile trading throughout the session, fluctuating sharply between gains and losses. The market opened on a positive note, surging by 1,216 points to an intraday high of 163,380.67. However, profit-taking and selling pressure later dominated, pulling the index down by 2,358 points to a low of 159,805.35. It eventually settled at 160,101.03, down 2,062.78 points, or 1.27 per cent.
Banks continue to rely heavily on government papers for profits, while private lending remains subdued.https://t.co/Kga6jIhilg
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Analysts attributed the decline to cautious sentiment during the futures rollover week and the ongoing corporate earnings season, which prompted investors to adopt a wait-and-see approach. They added that uncertainty surrounding rollover adjustments and upcoming results also contributed to the subdued trading mood.
Heavyweight stocks such as Hub Power Company, Meezan Bank, Habib Bank, Oil and Gas Development Company, and United Bank were the major laggards, collectively eroding around 585 points from the benchmark index. Limited gains in Lucky Cement, Pakistan Services, Services Industries, Bank Al Habib, and TRG Pakistan helped trim losses by 171 points.
Despite the index slump, trading activity remained relatively steady. Market volume edged up 1.19 per cent to 1.014 billion shares, while the traded value rose 6.08 per cent to Rs36.7 billion. K-Electric led the volume chart with 94.5 million shares traded.
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Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the market’s early optimism faded quickly as institutional investors resorted to profit-taking. “The index managed to stay just above the 160,000-point support level, though sentiment remained fragile,” he noted.
Since peaking at 168,414 points on Oct 21, the KSE-100 index has shed 8,313 points, or nearly 5 per cent, with reports of potential border tensions further weighing on investor confidence.
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