KSE-100 closes higher by 258 points as late-session selling trims intra-day gains

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed higher by 258 points on Friday, as late-session selling trimmed the gains the index had made earlier during the day.

The KSE-100 started the session positive, hitting an intra-day high of 150,465.17, a gain of over 1,200 points.

However, the final hours witnessed selling pressure that trimmed the intra-day gains.

At close, the benchmark index settled at 149,493.06, a gain of 257.80 points or 0.17%.

Top positive contribution to the index came from FFC, NBP, AKBL, OGDC & PSO, as they cumulatively contributed 289 points to the index; on the other hand SEARL, MEBL , ENGROH, LUCK and EFERT lost value to weigh down on the index by 289 points, brokerage house Topline Securities said in its post-market report.

On Thursday, PSX came under heavy selling pressure, as profit-taking erased early gains and pulled the benchmark lower, ending an extended streak of record highs. The KSE-100 Index closed at 149,235.26 points, down 1,355.74 points or 0.9%.

The KSE-100 gained 5.7% on week-on-week basis largely on account of buying by mutual fund, Topline said.

Internationally, stocks in Asia edged higher in a shaky start on Friday as anxious traders awaited a speech from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium.

Financial markets are looking out for Powell to provide clues about the likelihood of a September rate cut in the wake of recent signs of job market weakness and the near-term outlook for policy.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, extending its climb to 1.6% so far this month. South Korea’s Kospi index led the charge, rising 1%, while China’s blue-chip CSI 300 Index was on track for a third consecutive day of gains.

The Nikkei 225 veered between gains and losses, and was last up 0.1%.

S&P 500 futures were up 0.1%. The cash gauge on Wall Street is on a five-day losing streak, which has left it on track for its biggest one-week decline this month.

Traders had ramped up bets for a September cut following a surprisingly weak payrolls report at the start of this month, and after consumer price data showed limited upward pressure from tariffs.

However, market pricing pulled back slightly following the release of minutes from the Fed’s July meeting. Traders are now pricing in a 75% probability of a cut in September, down from 82.4% on Thursday, according to the CME Group’s FedWatch tool.

Meanwhile, the Pakistani rupee registered marginal improvement against the US dollar, appreciating 0.01% in the inter-bank market on Friday. At close, the rupee settled at 281.90, a gain of Re0.02 against the greenback. This was rupee’s eleventh consecutive gain against the greenback.

Volume on the all-share index decreased to 802.01 million from 1,062.99 million recorded in the previous close.

The value of shares declined to Rs40.45 billion from Rs55.82 billion in the previous session.

Unity Foods Ltd was the volume leader with 64.08 million shares, followed by Pak Int.Bulk with 63.81 million shares, and Fauji Foods Ltd with 53.98 million shares.

Shares of 479 companies were traded on Friday, of which 251 registered an increase, 199 recorded a fall, while 29 remained unchanged.