KSE-100 closes nearly 160 points lower after mixed trading

A day after hitting an all-time high, the Pakistan Stock Exchange (PSX) witnessed mixed trading on Thursday, as its benchmark KSE-100 Index swayed in both directions before closing the day down nearly 160 points.

The KSE-100 started the session on a negative note, hitting an intra-day low of 121,517.90, followed by buying momentum that pushed the index to an intra-day high of 122,281.58.

Later, selling was observed in the final hours and at close, the benchmark index settled at 121,641, lower by 157.86 points or 0.13%.

On Wednesday, the PSX continued its upward journey for the second straight day and closed at a new all-time high level, mainly driven by positive news on various aspects of the upcoming budget.

The benchmark KSE-100 Index rose by 1,348 points or 1.12% to close at a record level of 121,799 points.

Internationally, shares in Asia crept higher, and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy.

The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump’s erratic tariff action, while bilateral deals remain unrealised.

Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington.

Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions.

Trump’s doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7% in early trade, whereas Japan’s Nikkei stock index slid 0.2%.

Volume on the all-share index increased to 854.62 million from 710.59 million recorded in the previous close.

The value of shares declined to Rs25.79 billion from Rs35.22 billion in the previous session.

K-Electric Ltd was the volume leader with 179.68 million shares, followed by Unity Foods Ltd with 62.90 million shares, and WorldCall Telecom with 52.37 million shares.

Shares of 478 companies were traded on Thursday, of which 217 registered an increase, 208 recorded a fall, while 53 remained unchanged.