KARACHI: Bourse at the Pakistan Stock Exchange (PSX) kicked off rollover week on a volatile note on Tuesday, with profit-taking weighing on sentiment.
The PSX benchmark index oscillated sharply, hitting an intraday high of 586 points before slipping 735 points, eventually closing at 148,815 — down 677 points or 0.45 per cent — as investors booked gains amid cautious trading.
“Stocks closed bearish amid institutional profit-taking in an overbought market. Flat government bond yields, foreign outflows, concerns over external debt, SOE losses, and uncertainty over the outcome of the IMF’s next review for the release of the third tranche under the EFF — amid unmet conditions on provincial tax collection — played a catalytic role in the negative close at PSX,” said Ahsan Mehanti, CEO of Arif Habib Commodities.
On the sectoral front, BAFL, NBP, SEARL, and PABC lent support with a cumulative contribution of +92 points. However, losses in BAHL, SYS, MEBL, HBL, and LUCK dragged the index lower by -394 points.
Volatility persisted throughout the session, largely due to the start of the rollover week, Ismail Iqbal Securities said.
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The KSE-100 index lost 677 points to close at 148,815, down 0.45 per cent day-on-day. Commercial banks, technology and communication, and oil and gas exploration were the major laggards, cumulatively shedding 457 points.
Selling pressure was noted across these sectors as investors opted to secure gains after recent strong rallies, Pearl Securities added.
In terms of traded value, NBP (Rs2.15 billion), SEARL (Rs2.06 billion), PSO (Rs1.26bn), OGDC (Rs665.43 million), and MEBL (Rs592.27 million) dominated the board.
Market activity remained subdued compared with the previous session, with volumes settling at 691 million shares and a traded value of Rs26.3 billion. KOSM topped the volume chart with 113.8 million shares changing hands.
Meanwhile, gold prices in Pakistan moved upward on Tuesday, following gains in the international market where the yellow metal touched a near two-week high.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed to Rs360,700, marking a rise of Rs900 during the day. Similarly, the price of 10 grammes of gold was recorded at Rs309,242 after gaining Rs772.