PSX sheds nearly 2,500 points on profit-taking

KSE-100 index closes at 178,922 points as investors opt to book profits following a strong rally in previous sessions

The benchmark KSE-100 Index witnessed a sharp correction on Friday. closing at around 178,920 points after losing nearly 2,500 points as investors opted to book profits following a strong rally in the previous sessions.

The KSE-100 Index closed at 178,922 points. declining 2,475 points (-1.36% DoD) as profit-taking emerged after the strong rally witnessed over the past few sessions, as per KTrade. Selling pressure remained broad-based throughout the day, with investors opting to lock in gains following the market's recent surge.

Trading activity remained healthy, with approximately 458 million shares traded in the KSE-100 Index. The top volume leaders were SSGC (87mn shares), BOP (37mn shares),. KEL (31mn shares), reflecting continued investor participation despite the weaker market performance.

On the downside, the index was mainly dragged by UBL, FFC, ENGROH, PPL and OGDC.

Sector-wise, commercial banks, fertilisers, oil & gas, technology, and telecoms remained the major laggards.

While today's correction interrupted the recent upward momentum, the market's broader outlook remains tied to macroeconomic developments, interest rate expectations,. global commodity price trends.

Also Read:PSX hits fresh recent highs with 887-point

At midday, the benchmark index had plunged over 2,800 points before trading was suspended.

According to the latest market highlights. the Index stood at 178,539.46, reflecting a significant loss of 2,858.75 points or 1.58% from Thursday’s close of 181,398.21.

The market opened on a positive note. touching an intraday high of 182,185.87, building on yesterday’s positive performance where the KSE-100 had gained around 887 points.

However, selling pressure intensified soon after, driving the Index to a low of 178,489.02. Heavy trading activity was recorded with volume reaching approximately 283.7 million shares and a total value of Rs22.67 billion.

Analysts attribute the decline to profit-taking after recent gains, coupled with cautious investor sentiment amid ongoing global uncertainties. domestic macroeconomic considerations.Sectors like banking, energy, and textiles saw mixed movements, with some blue-chip stocks facing notable pressure. The broader market showed 307 advancing issues against 137 decliners earlier in the session,. momentum shifted rapidly toward the downside.

This volatility comes after a period of relative strength in the PSX. supported by an improved regional situation following a US-Iran deal brokered by Pakistan.

However, thin triggers for fresh buying. a global risk-off mood appear to have weighed on local investors after the Fed’s hawkish policy.

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