KARACHI: The Pakistan Stock Exchange (PSX) closed lower on Tuesday as investors resorted to profit-taking after Monday’s sharp rally, erasing early gains despite strong buying interest in refinery stocks following reports of policy support for the sector.
The benchmark KSE-100 Index declined by 638.45 points, or 0.36 percent, to settle at 177,623.88 points compared to the previous close of 178,262.34 points. The market traded in a volatile range, climbing to an intraday high of 179,123.01 points before slipping to a low of 177,434.96 points as late-session selling intensified.
Business Recorder indices mirrored the broader market trend. BRIndex100 closed at 19,541.71 points, down 91.71 points, or 0.47 percent, with a total turnover of 816.89 million shares.
BRIndex30 declined 450.22 points, or 0.63 percent, to 70,941.61 points, with trading volume of 494.71 million shares.
According to Topline Securities, the market opened on a positive note with buying interest keeping sentiment upbeat. However, investors opted to lock in recent gains during the second half of the session, resulting in broad-based profit-taking.
The brokerage said refinery stocks remained the centre of attention after reports suggested that the Cabinet Committee on Energy (CCoE) had approved amendments to the Pakistan Oil Refining Policy 2023, removing hurdles that had delayed refinery upgrade agreements since the policy was notified in August 2023.
The development triggered strong buying in Attock Refinery Limited (ATRL), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), and Cnergyico, all of which outperformed the broader market.
On the downside, United Bank Limited (UBL), Oil and Gas Development Company (OGDC), Hub Power Company (HUBC), Pakistan Petroleum Limited (PPL), and Bank of Punjab (BOP) weighed heavily on the benchmark, collectively shaving around 318 points off the KSE-100 Index.
Trading activity remained robust despite the decline. Ready market volume stood at 958.01 million shares compared to 1.03 billion shares in the previous session.
However, traded value increased to Rs41.57 billion from Rs41.02 billion, reflecting higher-value transactions. Overall market capitalization declined by Rs70.65 billion to Rs19.95 trillion from Rs20.02 trillion yesterday.
Market breadth remained weak as losers outpaced gainers. Of the 495 companies traded in the ready market, 156 advanced, 306 declined and 33 remained unchanged.
Cnergyico remained the most actively traded stock, with 273.05 million shares changing hands.
The stock closed at Rs10.95. It was followed by WorldCall Telecom with 72.25 million shares, Trust Brokerage with 63.67 million shares, Pakistan Refinery with 38.90 million shares, Maple Leaf Cement with 24.35 million shares, Ghani Chemical with 22.75 million shares, TPL Corp with 21.76 million shares, Siddiqsons Tin Plate with 18.86 million shares, K-Electric with 15.39 million shares and Intermarket Securities with 14.67 million shares.
Among individual stocks, Khairpur Sugar Mills posted the highest gain, rising Rs121.56 to Rs1,337.15 per share, followed by Baba Farid Sugar Mills, which gained Rs49.72 to close at Rs546.95. On the downside, PIA Holding Company (B) lost Rs68 to end at Rs18,170, while Khyber Textile Mills fell Rs46.71 to Rs1,998.29 per share.
The BR Power Generation and Distribution Index posted the steepest decline among the major BR indices, falling 193.89 points, or 0.68 percent, to close at 28,200.87 points on a turnover of 26.26 million shares.
The BR Oil and Gas Index shed 88.34 points, or 0.59 percent, to settle at 14,825.69 points, while the BR Commercial Banks Index slipped 343.94 points, or 0.55 percent, to 62,264.24 points with trading volume of 44.52 million shares. The BR Cement Index also remained under pressure, losing 61.20 points, or 0.48 percent, to close at 12,637.53 points, with 68.35 million shares changing hands.
In contrast, selective buying kept a few sectors in positive territory. The BR Tech & Communication Index edged up 6.12 points, or 0.17 percent, to close at 3,705.79 points on turnover of 144.88 million shares, making it one of the best-performing sectoral indices of the day.
Similarly, the BR Automobile Assembler Index gained 36.34 points, or 0.15 percent, to settle at 23,888.12 points, although trading activity remained relatively subdued with 3.96 million shares traded.
Despite healthy trading volumes and renewed interest in refinery stocks, the market failed to sustain its early momentum as investors booked profits following Monday’s record rally.
Analysts said the underlying market outlook remains constructive, supported by improving macroeconomic fundamentals and easing geopolitical concerns.
However, they cautioned that near-term trading is likely to remain volatile as investors continue to monitor corporate earnings, developments surrounding refinery policy implementation, global crude oil prices, and geopolitical developments in the Middle East.
Copyright Business Recorder, 2026