The KSE-100 Index turned lower by midday on Thursday as investors took profits following four consecutive sessions of gains, sending Pakistan’s benchmark index down 473.78 points, or 0.28%, to 171,758.73.
The index had closed Wednesday at 172,232.51 after gaining around 830 points. The rally was supported by constructive US-Iran discussions on the sidelines of the UN General Assembly, the arrival of an International Monetary Fund (IMF) staff mission for programme reviews and buying in refinery stocks.
Trading began positively on Thursday, with the KSE-100 reaching an intraday high of 172,491.16 before selling pressure emerged. The index later touched a session low of 171,628.14.
By midday, trading volume on the highlighted board stood at 159.25 million shares, while the value of traded shares was approximately Rs8.51 billion. Trading remained underway at the time of reporting.
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The KSE-100 Index came under pressure as investors appeared to lock in gains from the previous session while awaiting clearer signals from the IMF review and movements in international oil prices. Oil markets have remained sensitive to developments surrounding diplomacy in the Gulf.
Commercial banks, fertiliser companies and several heavyweights that had contributed to Wednesday’s gains were among the stocks facing selling pressure. Oil and gas stocks, meanwhile, showed mixed performance.
Market participants described Thursday’s decline as a pause following the sharp previous-session advance rather than a reversal of the broader recovery. The index remained higher for the week after Wednesday’s close, although the midday movement highlighted investors’ sensitivity to a lack of fresh market catalysts.
Trading was continuing until the close, leaving room for further movement as investors assessed heavyweight stocks and emerging signals from the IMF review and global markets.
