Late profit-taking wipes out intra-day gains at KSE-100 Index

The Pakistan Stock Exchange (PSX) saw volatile trading on Thursday, with its benchmark KSE-100 Index swaying in both directions before closing the day lower by 260 points.

The KSE-100 starting the session positive, hitting an intra-day high of 126,718.28.

However, the index witnessed selling pressure in the second half, which pushed it to the negative territory.

At close, the benchmark index settled at 124,093.12, down by 259.56 points or 0.21%.

“The Pakistan stock market ended the session on a negative note, weighed down by cautious investor sentiment and profit-taking activity. The benchmark index moved within range, recording an intraday high of 2,365 points and a low of 501 points, before closing at 124,093 — down 260 points or 0.21%,” brokerage house Topline Securities said in its post-market report.

Downward pressure was largely attributed to declines in ENGROH, FFC, PPL, OGDC, and BAFL, which collectively eroded 401 points from the index. In contrast, support came from PKGP, UBL, BAHL, LUCK, and DGKC, which together added 347 points, Topline said.

Addressing the post-budget conference, Finance Minister Muhammad Aurangzeb on Wednesday warned that additional revenue measures of up to Rs500 billion would be taken next fiscal year, if enabling amendments and legislation on enforcement were not passed by parliament, adding that all the budget figures were locked with the International Monetary Fund (IMF).

Aurangzeb presented the federal budget 2025-26 to the parliament on Tuesday, with a total outlay of Rs17.573 trillion, targeting a GDP growth rate of 4.2% against 2.7 per cent in the outgoing year.

On Wednesday, the PSX extended its rally as key indices posted strong gains, fueled by robust investor participation and improved sentiment following the positive announcements in the federal budget.

The benchmark KSE-100 Index rose by 2,328 points, or 1.91%, to close at 124,352.68 points, up from 122,024.44 points in the previous session.

Internationally, global stocks and the dollar slipped on Thursday as investors assessed a benign U.S. inflation report and the fragile trade truce between Washington and Beijing, while rising tensions in the Middle East and lingering tariff anxiety dampened risk sentiment.

Attention in financial markets this week has been focused on the US-China trade talks, which culminated in a framework agreement that would remove Chinese export restrictions on rare earth minerals and allow Chinese students to access US universities.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.3% lower in early trading after hitting a three-year high on Wednesday. Japan’s Nikkei slipped 0.7%, while U.S. and European stock futures fell.

China’s blue-chip stock index fell 0.37%, moving off the near three-week top it touched in the previous session. Hong Kong’s Hang Seng index was down 0.74%, also inching away from Wednesday’s three-month high.

Trump’s erratic tariff policies have roiled global markets this year, prompting hordes of investors to exit US assets, especially the dollar, as they worried about rising prices and slowing economic growth.

Meanwhile, the Pakistani rupee weakened against the US dollar, depreciating 0.07% on Thursday. At close, the local currency settled at 282.67, a loss of Re0.2 against the greenback.

Volume on the all-share index decreased to 1,024.63 million from 1,041.13 million recorded in the previous close.

The value of shares rose to Rs50.54 billion from Rs46.71 billion in the previous session.

Sui South Gas was the volume leader with 55.90 million shares, followed by Fauji Cement with 50.60 million shares, and WorldCall Telecom with 49.33 million shares.

Shares of 474 companies were traded on Thursday, of which 170 registered an increase, 270 recorded a fall, while 34 remained unchanged.