RECORDER REPORT

KARACHI: The Pakistan Stock Exchange witnessed a modest correction on Thursday, easing after a strong rally earlier in the week fueled by investor optimism surrounding the federal budget.

The market opened the session on a cautious note as investors opted for profit-taking after the sharp gains a day earlier, resulting in a mild pullback in key indices by the day’s close.

The benchmark KSE-100 Index declined by 259.56 points, or 0.21 percent, closing at 124,093.12 points compared to the previous session’s closing of 124,352.68 points. The index recorded an intraday high of 126,718.28 points and a low of 123,846.56 points, reflecting intraday volatility as market participants balanced fresh positions against profit-taking pressures.

On Thursday, BRIndex100 closed at 13,244.81 which was 78.01 points or 0.59 percent lower than previous close. The total volume was 766.062 million. BRIndex30 also lost 452.86 points or 1.16 percent lower than previous close and closed at 38,471.54 points with 477.206 million shares volume.

Topline Securities noted that the stock market ended the session on a negative note, weighed down by cautious investor sentiment and profit-taking activity. Downward pressure was largely attributed to declines in ENGROH, FFC, PPL, OGDC, and BAFL, which collectively eroded 401 points from the index. In contrast, support came from PKGP, UBL, BAHL, LUCK, and DGKC, which together added 347 points.

The Trading volumes remained healthy despite the index’s decline, with the ready market turnover clocking in at 1.02 billion shares and a traded value of Rs 50.53 billion, slightly higher than the previous day’s value of Rs 46.70 billion. The market capitalization stood at Rs 14.951 trillion from Rs 14.994 trillion on previous day, reflecting a marginal decline of Rs 43 billion in line with the downward adjustment in share prices.

In terms of individual stock performances, several companies continued to attract significant investor attention. Sui Southern Gas led the turnover chart with over 55.89 million shares traded, closing at Rs 41.92. Fauji Cement followed with a turnover of 50.59 million shares, ending the day at Rs 47.36, while WorldCall Telecom maintained its position among the most active scrips to close at Rs 1.37 with 49.32 million shares.

Among the notable price movements, Unilever Pakistan Foods Limited saw a sharp increase of Rs 204.47, closing at Rs 23,310.33, while Hoechst Pakistan Limited gained Rs 122.44 to settle at Rs 3,429.51. On the downside, PIA Holding Company Limited registered a substantial loss of Rs 2,331.99, closing at Rs 20,987.89, while Khyber Textile Mills Limited declined by Rs 221.55 to close at Rs 1,993.94.

Although the market remained active with strong trading volumes, overall sentiment was weak because out of 474 companies that traded, the share prices of 270 companies fell, only 170 companies gained, while 34 stayed the same.

The BR Automobile Assembler Index closed at 21,030.03 points after losing 233.38 points, or 1.1 percent, with a total trading volume of 5.067 million shares. On the other hand, the BR Cement Index gained 72.33 points, rising by 0.68 percent to settle at 10,784.46 points, with a total turnover of 188.001 million shares.

The BR Commercial Banks Index ended the day at 36,881.89 points, showing a slight increase of 29.45 points, or 0.08 percent, with 59.242 million shares traded. The BR Power Generation and Distribution Index also moved up by 118.81 points, or 0.53 percent, closing at 22,340.60 points, with a total turnover of 50.518 million shares.

Meanwhile, the BR Oil and Gas Index dropped by 81.6 points, or 0.69 percent, to close at 11,774.73 points, with 99.158 million shares traded. The BR Technology & Communication Index also declined by 30.93 points, or 1.03 percent, settling at 2,963.58 points, with a total turnover of 97.247 million shares.

Market analysts said Thursday’s slight decline was a normal profit-taking move after sharp gains earlier in the week. They added that overall market sentiment stayed positive, supported by new budget measures. JS Global Securities noted strong trading volumes, especially in the cement sector, and called the dip a short-term adjustment after a strong rally.