PSX Drops 474 Points as Investors Book Profit After Four-Day Rally
Karachi: The Pakistan Stock Exchange (PSX) came under selling pressure on Thursday as investors opted to take profits following four consecutive sessions of gains.
The benchmark KSE-100 Index fell 473.78 points, or 0.28%, to 171,758.73 by midday, slipping below the 172,000 level.
The index had closed at 172,232.51 on Wednesday after gaining around 830 points in a session supported by positive developments surrounding US-Iran talks, the arrival of an IMF staff mission for programme discussions and buying interest in refinery stocks.
KSE-100 Moves Between High and Low
Thursday’s trading session initially started on a positive note, with the index reaching an intraday high of 172,491.16.
Selling pressure later emerged, taking the benchmark to an intraday low of 171,628.14.
By midday, around 159.25 million shares had changed hands on the highlighted board, with the total traded value standing at approximately Rs8.51 billion.
Trading was still in progress at the time of the report.
Investors Lock in Recent Gains
Market activity indicated that some investors were securing profits after the strong performance recorded in the previous session.
Investors were also monitoring developments related to the IMF review and movements in international oil prices, which have remained sensitive to developments in Gulf diplomacy.
Commercial banks, fertiliser companies and some major index constituents that had contributed to the previous day’s gains came under pressure.
Meanwhile, oil and gas stocks showed mixed performance during the session.
Market Remains Above Weekly Starting Level
Brokers described Thursday’s decline as a pause following the recent rally rather than a clear reversal in the market’s direction.
Despite the midday decline, the KSE-100 remained higher for the week based on Wednesday’s close.
Market participants continued to watch for fresh economic and geopolitical developments that could influence trading activity in the remaining sessions.
