KSE-100 Index Falls Over 700 Points to Close at 122,046
The Pakistan Stock Exchange (PSX) came under selling pressure on Thursday as investors booked profits following two strong sessions. The benchmark KSE-100 index, which initially extended its upward momentum, reversed course and closed down 715 points at 122,046.46 — a decline of 0.58%.
The market opened on a positive note, climbing to an intra-day high of 123,418 within the first hour of trading. However, profit-taking soon set in, pushing the index to an intra-day low of 122,142 before the close.
“After a 6,600-point gain (5.7%) in the last two sessions following the Iran-Israel ceasefire, the PSX witnessed profit-taking today,” said Ali Najib, Deputy Head of Trading at Arif Habib Limited (AHL). He noted that some selling was linked to institutional investors adjusting positions ahead of the FY25 settlement on June 30.
AHL’s daily report highlighted that 71 stocks fell while only 27 advanced, underscoring bearish sentiment. Major positive contributors included Engro Fertilisers (+2.22%), National Foods (+8.07%), and Pakistan Petroleum (+0.79%). In contrast, Bank AL Habib (-2.84%), Lucky Cement (-1.86%), and Habib Bank (-2.59%) weighed on the index.
A notable development saw the Supreme Court suspend a Lahore High Court order requiring Punjab-based cement firms to pay a 6% royalty on ex-factory prices — a move that lifted sentiment in the cement sector.
Additionally, Organic Meat Company’s shares rose 5.64% following its announcement of plans to export beef casings to Europe, signaling diversification and growth prospects.
Heading into Friday’s session, the KSE-100 index remains up 1.69% week-to-date, with 120,000 points seen as a key support level for a potential move towards 130,000.
Trading volumes rose to 758.5 million shares from 749.8 million a day earlier, with turnover valued at Rs30 billion. Out of 473 companies traded, 200 gained, 237 declined, and 36 remained unchanged.
Pakistan International Bulk Terminal led activity with 37.5 million shares, slipping Rs0.06 to Rs8.52. It was followed by WorldCall Telecom (33.3 million shares, down Rs0.04 to Rs1.45) and Pervez Ahmed Consultancy (33 million shares, up Rs0.25 to Rs3.29).
