KARACHI: The Pakistan Stock Exchange (PSX) on Thursday attempted to close above the key 180,000 mark but failed to sustain its early rally. For the second consecutive session, investors took profits, pushing the benchmark KSE-100 index below 178,000 as sentiment turned cautious amid domestic political uncertainty.
Topline Securities Ltd said the PSX recorded a bearish trend as selling pressure weighed on investor sentiment. The index fell 1,710.04 points, or 0.95 per cent, to close at 177,373.76 points, reflecting cautious investor positioning and profit-taking across the market.
Investor sentiment remained subdued amid broad-based selling pressure, with market participants adopting a cautious stance after the recent rally. The declinereflected profit-taking and weakness in key index-heavy stocks.
United Bank, Fauji Fertiliser, Hub Power, Lueky Cement, Systems Ltd, National Bank, Meezan Bank, PakistanPetroleum, Askari Bank and Bank Al-Habib emerged as the leading laggards, collectively wiping out 1,047 points from the benchmark.
Ali Najib, Deputy Head of Trading at Arif HabibLtd, noted that volatility persisted as the index moved in both directions.
The market opened on a positive note, gaining nearly 1,200 points to reach an intraday high of 180,310.
However, the upwardmomentum proved shortlived as renewed selling pressure emerged after midday, erasing all early gains and pushing the benchmark into negative territory.
On the sectoral front,Pakistan’s automobile sales rose to 21,635 units in October, up from 10,939 units in September, bringing cumulative sales to 63,507 units for the period under review, according to PAMA.
Additionally, Attock Refinery was added to the MSCI Frontier Markets Standard Index, increasing Pakistan’s representation to 30 stocks. Meanwhile, Flying Cement Company Ltd and Pakistan Oxygen Ltd were removed from the MSCI Small Cap Index.
Investor participation weakened as trading volume fell 14.23pc to 1.07bn shares and turnover tumbled 24.33pc to Rs31.6 billion. WorldCall Telecom led the volume chart with 190.6 million shares.
Analysts expect the market to remain volatile amid domestic political uncertainty and profit-taking near the 180,000 resistance level. Selective buying may emerge at lower levels as investors focus on political developments.