The Pakistan Stock Exchange (PSX) gave up its early gains on Thursday as selling pressure pushed the KSE-100 index lower in afternoon trading.
The benchmark fell 682.11 points, or 0.4%, to 167,898.29 around midday.
The index had opened higher and climbed to an intraday high of 169,486.60. Selling pressure later dragged it to a session low of 167,851.37.
The KSE-100 had closed at 168,580.40 on Wednesday. It gained 120.30 points after a volatile trading session.
Trading Activity
Turnover stood at 104.43 million shares by early afternoon. Traded value reached Rs8.21 billion.
K-Electric, Cnergyico, Pakistan International Bulk Terminal, Fauji Cement and Maple Leaf Cement led trading activity.
Pakistan State Oil was among the stronger large-cap stocks. Bank of Punjab traded lower.
Selling pressure spread across several sectors.
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Commercial banks, fertiliser, automobile assemblers, technology and power stocks remained under pressure.
Oil marketing companies and some cement stocks performed better. The overall market remained mixed despite the KSE-100’s decline.
Profit-Taking Weighs on Market
The index’s early move above 169,400 failed to attract sustained buying.
Market participants attributed the reversal partly to profit-taking after Wednesday’s recovery.
Investors also remained cautious about elevated crude oil prices.
Brent crude was trading above $100 a barrel, while supply concerns around the Strait of Hormuz continued to affect sentiment.
The concerns have contributed to a range-bound market during the week.
Domestic political developments also remained a factor in investor sentiment.
Intraday Loss Deepens
The market remained open at the time of the reported decline.
Official PSX data later showed the KSE-100 continuing to weaken during the afternoon. The index stood at 167,516.45, down 1,063.95 points, or 0.63%, at about 3:03pm.
The session’s final direction therefore remained uncertain at the time of the initial market report.
Investors continued to monitor oil prices, regional developments and domestic political conditions for further direction.
