KARACHI:
The Pakistan Stock Exchange (PSX) concluded Tuesday’s trading session in negative territory, with the benchmark KSE-100 index experiencing a volatile session. After fluctuating between gains and losses, extensive selling pressure ultimately dragged the index down by 814 points.
Trading opened on a positive note in the morning, driven by investor interest in automobile assemblers, cement firms, commercial banks, oil and gas exploration companies, and oil marketing companies. However, market sentiment remained fragile as repeated fluctuations prevented any sustained upward momentum. Although the index was slightly higher at midday, intensified selling pressure towards the end of the session pulled it close to the day’s low.
The bourse recorded an intra-day high of 166,425.56 and a low of 165,111.14, eventually closing at 165,151.64 points, a decline of 0.49%. Internationally, oil prices rose, with Brent crude hovering around a five-month high as traders factored in a geopolitical risk premium following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. These developments kept geopolitical risks at the forefront, raising concerns over potential disruptions to regional energy supplies.
According to a market wrap by KTrade Securities, the KSE-100 index fell by 814.44 points (-0.5%) due to cautious investor sentiment and subdued trading volumes of 144 million shares. The weakness was broad-based, primarily affecting commercial banks, technology, refinery, and power sectors, with Attock Refinery, Systems Ltd, Habib Bank, Hub Power, and Fauji Fertiliser experiencing the largest declines.
Meanwhile, Brent crude remained elevated at $109 per barrel, reinforcing macroeconomic uncertainty and dampening risk appetite. KTrade noted, “We expect the market to remain range-bound, with near-term direction contingent on global oil prices, geopolitical developments, and corporate earnings. A sustained recovery in trading volumes remains critical to supporting a durable market recovery.”
Ali Najib, Deputy Head of Trading at Arif Habib Limited, commented that the PSX witnessed a negative trading session, with the benchmark KSE-100 index declining 814 points (-0.49%) to close at 165,152. The market opened positively, reaching an intra-day high of 166,426 (+460 points) before reversing course and touching a low of 165,111. Rising oil prices weighed on investor sentiment, prompting cautious trading and driving the index lower.
Among corporate results, Pakistan Oilfields reported earnings of Rs8.2 billion (EPS: Rs28.86), representing a 51% year-on-year increase. Attock Petroleum’s earnings rose 74% year-on-year to Rs6.64 billion (EPS: Rs53.36), supported by higher petroleum prices, inventory gains, and improved other income. Additionally, Attock Refinery posted a sharp 13-fold year-on-year increase in net profit to Rs18.6 billion.
“Going forward, the market may remain volatile amid rising oil prices and cautious sentiment. Selective buying could support a recovery, while investors should prioritise fundamentally strong stocks and closely monitor geopolitical developments,” Najib added.
Cumulatively, trading volumes increased to 446.8 million shares, up from 370.9 million the previous day. The total value of traded shares stood at Rs19.4 million. Of the 499 companies traded, 128 rose, 324 declined, and 47 remained unchanged.
Cnergyico Pk was the volume leader, with trading in 46.5 million shares, falling Rs0.47 to close at Rs12.41. According to the National Clearing Company, foreign investors bought shares worth Rs206 million.
