Profit-taking wipes out early gains; index holds above 120,000
The Pakistan Stock Exchange (PSX) closed flat on Friday as investors remained wary of heightened uncertainty over the Israel-Iran conflict.
The benchmark KSE-100 index opened on a positive note, buoyed by reports that the Trump administration might delay a decision on Middle East action by two weeks. The index climbed to an intra-day high of 120,829 points, but later gave up gains due to profit-taking, closing marginally higher by 21 points at 120,023.
Ahsan Mehanti, MD of Arif Habib Corp, said fears of escalating Middle East tensions, a weakening rupee, and a global equity sell-off triggered panic selling at the bourse.
Topline Securities noted that although the market remained in positive territory for most of the session, profit-taking ahead of the weekend led to a flat close, with the index ending at 120,023, up 0.02%.
Major positive contributors included Hub Power, Systems Limited, UBL, OGDC, Maple Leaf Cement, and Pakistan Petroleum, which collectively added 168 points. Conversely, Pakgen Power, TRG Pakistan, Fauji Fertiliser, Pakistan Services, Engro Fertilisers, and MCB Bank weighed on the index, erasing 180 points.
Ali Najib of Arif Habib Limited described the session as volatile, with early optimism fading due to weekend caution and short-term investors booking profits.
Mubashir Anis Naviwala of JS Global highlighted that despite touching 120,829, the index fell to a low of 119,872 on profit-taking, but managed to close above the key 120,000 psychological level.
Trading volume stood at 421.6 million shares, down from 604.5 million, with a traded value of Rs15.7 billion. Out of 468 stocks traded, 178 advanced, 245 declined, and 45 remained unchanged.
WorldCall Telecom led the volumes with 42.8 million shares, shedding Rs0.04 to close at Rs1.45. TRG Pakistan followed with 26.7 million shares, down Rs5.12 at Rs56.68, while Pervez Ahmed Consultancy saw 25.5 million shares traded, losing Rs0.25 to close at Rs2.84.
Foreign investors offloaded shares worth Rs69.3 million, according to NCCPL data.
