KARACHI: The Pakistan Stock Exchange (PSX) extended its cautious spell on Thursday as investors remained on the sidelines amid uncertainty surrounding ongoing diplomatic engagements between the United States and Iran over regional stability, resulting in a range-bound session that ended with modest losses.
The benchmark KSE-100 Index declined by 495.00 points, or 0.28 percent, to settle at 175,547.98 points, compared with the previous close of 176,042.99 points.
The market traded within a narrow range throughout the session, touching an intraday high of 176,234.29 points before slipping to an intraday low of 174,612.15 points, reflecting investors’ reluctance to take aggressive positions amid an uncertain geopolitical environment.
Business Recorder’s indices also reflected the cautious undertone prevailing across the market. The BRIndex100 closed at 19,289.90 points, down 53.48 points or 0.28 percent, with a total traded volume of 604.60 million shares.
Similarly, the BRIndex30 declined by 515.33 points, or 0.74 percent, to 69,392.27 points, while total turnover stood at 202.07 million shares.
Ali Najib, Deputy Head of Trading at Arif Habib Limited, said the market remained subdued as investors awaited greater clarity on developments in the Middle East.
“PSX witnessed a range-bound session today, with the KSE-100 Index declining. Investor sentiment remained cautious throughout the session as market participants awaited further progress on the geopolitical front,” he said.
Najib noted that Fauji Fertilizer Company (FFC), United Bank Limited (UBL), Engro Fertilizers (EFERT), Meezan Bank Limited (MEBL) and Pakistan State Oil (PSO) collectively contributed 468 points to the benchmark index.
However, losses in Engro Holdings (ENGROH), Lucky Cement (LUCK), Systems Limited (SYS), Hub Power Company (HUBC) and Pakistan Petroleum Limited (PPL) outweighed those gains, jointly dragging the benchmark down by 548 points.
Trading activity improved on the ready counter despite the subdued market direction.
Total volume in the Ready Market increased to 711.20 million shares from 574.08 million shares in the previous session.
However, traded value remained largely unchanged at Rs25.40 billion compared with Rs25.37 billion a day earlier. Market capitalization declined by around Rs60.58 billion to Rs19.718 trillion from Rs19.778 trillion previously.
Market breadth remained negative across all trading segments. Of the 495 companies traded on the ready counter, 175 advanced, 279 declined and 41 closed unchanged.
Trust Brokerage emerged as the volume leader, with 176.88 million shares changing hands.
The stock closed at Rs2.53. It was followed by WorldCall Telecom, which traded 32.31 million shares and closed at Rs1.19. Pakistan International Bulk Terminal (PIBTL) recorded a turnover of 32.13 million shares to settle at Rs17.01, while Cnergyico PK traded 28.72 million shares and finished at Rs10.61.
Among individual stocks, PIA Holding Company Limited (B) recorded the highest gain in absolute terms, advancing Rs325.32 to close at Rs18,000.00 per share, followed by Bhanero Textile Mills Limited, which gained Rs78.92 to settle at Rs879.00 per share.
On the downside, Unilever Pakistan Foods Limited lost Rs179.99 to close at Rs25,300.01 per share, while Khairpur Sugar Mills Limited declined Rs93.79 to Rs1,109.65 per share.
Among the Business Recorder sectoral indices, the BR Commercial Banks Index emerged as the sole gainer, rising 128.13 points, or 0.21 percent, to close at 61,778.84 points on a turnover of 41.40 million shares, supported by selective buying in leading banking stocks.
In contrast, the BR Cement Index fell 143.77 points, or 1.16 percent, to 12,244.32 points as cement stocks came under selling pressure amid weak investor sentiment, with 39.26 million shares traded.
The BR Power Generation and Distribution Index declined by 256.61 points, or 0.92 percent, to close at 27,531.62 points on a turnover of 28.51 million shares, while the BR Tech & Communication Index shed 34.61 points, or 0.94 percent, to settle at 3,635.96 points with 70.37 million shares changing hands.
The BR Oil and Gas Index retreated 127.96 points, or 0.87 percent, to 14,542.82 points as weakness in exploration and production stocks persisted despite continuing focus on global crude oil developments, with 36.31 million shares traded.
The BR Automobile Assembler Index also edged lower by 31.05 points, or 0.13 percent, to close at 23,766.60 points on a turnover of 2.13 million shares.
Market participants said investors are likely to remain cautious in the near term as geopolitical developments continue to dictate sentiment.
Progress in US-Iran negotiations, particularly regarding the security of the Strait of Hormuz, will remain a key external trigger, while the ongoing corporate earnings season and company-specific announcements are expected to drive selective interest across sectors.
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