KSE-100 loses nearly 800 points amid late-session selling pressure

The Pakistan Stock Exchange (PSX) witnessed a volatile session on Wednesday, as the benchmark KSE-100 Index lost nearly 800 points amid late-session selling pressure as investors resorted to profit-taking.

After trading range-bound for most of the day, the KSE-100 came under selling pressure in the final hours of trading, pulling it to an intra-day low of 166,230.89.

At close, the KSE-100 settled at 166,553.27, a decrease of 793.56 points or 0.47%.

“The choppy performance reflected investors’ inclination to book profits on strength following the recent rally, as participants opted to secure gains amid mixed sectoral performance and a cautious tone prevailing in the market,” brokerage house Topline Securities said in its post-market report.

Losses were primarily driven by FFC, UBL, MCB, HBL, and FATIMA, which collectively shaved 647 points off the benchmark index. However, the downside was partially cushioned by gains in PPL, OGDC, PSX, BOP, and SNGP, which together added 306 points, it added.

On Tuesday, PSX extended its winning streak for a second straight session as investors remained optimistic following the recent ceasefire agreement between Pakistan and Afghanistan. The benchmark KSE-100 Index advanced by 1,103.93 points, or 0.66%, to close at 167,346.83 points.

Internationally, global shares slipped on Wednesday and gold pulled back sharply from a blistering rally, as stretched valuations came under scrutiny and investors booked profits.

Geopolitics loomed large. A planned summit between US President Donald Trump and Russian President Vladimir Putin was put on hold, and ambiguity lingered over a potential meeting between Trump and Chinese President Xi Jinping.

The precious metal has had a blockbuster run this year, climbing more than 50% as broader geopolitical and economic uncertainty, as well as expectations of US interest rate cuts, spurred demand for the safe-haven asset.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.24%, while Nasdaq futures fell 0.2% and S&P 500 futures dipped 0.07% after a mixed cash session on Wall Street.

Shares of Netflix sank nearly 6% after the bell as the streaming giant missed Wall Street’s third-quarter earnings targets, while General Motors’ stock surged 15% after the company raised its profit outlook for the year.

Elsewhere, EUROSTOXX 50 futures fell 0.5%, while FTSE futures eased 0.15% and DAX futures lost 0.26%.

Meanwhile, the Pakistani rupee registered marginal gain against the US dollar in the inter-bank market on Wednesday. At close, the local currency settled at 281.05, up by Re0.01 against the US dollar, according to the State Bank of Pakistan (SBP).

Volume on the all-share index decreased to 1,568 million from 1,819 million recorded in the previous close. The value of shares rose to Rs55.06 billion from Rs56.82 billion in the previous session.

K-Electric Ltd was the volume leader with 241.02 million shares, followed by WorldCall Telecom with 163.54 million shares, and B.O.Punjab with 118.82 million shares.

Shares of 476 companies were traded on Wednesday, of which 203 registered an increase, 232 recorded a fall, and 41 remained unchanged.