RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) witnessed a volatile session on Friday, with sustained selling across key sectors pulling the benchmark index lower.

The benchmark KSE-100 Index fell 1,701.56 points, or 1.09 percent, to close at 154,439.68 points, slipping below the psychological 155,000 level. The index had touched an intraday high of 156,519.14 points and the low of 154,360.35 points before succumbing to persistent bearish sentiment.

On Friday, the BRIndex100 ended the session at 15,839.06 points, down 218.91 points, or 1.36 percent, from the previous close, with a total volume of 778.04 million shares. Meanwhile, the BRIndex30 closed at 48,929.00 points, shedding 590.93 points, or 1.19 percent, on a total volume of 347.82 million shares.

In their post-session commentary, Topline Securities noted that the correction was driven by the rising cost of leverage in the Margin Trading System (MTS) and Futures Market, which weighed heavily on investor sentiment. They highlighted that the major drag coming from United Bank (UBL), Fauji Fertilizer Company (FFC), Engro Corporation Holdings (ENGROH), Hub Power Company (HUBC), and Lucky Cement (LUCK). Collectively, these five heavyweights contributed a negative 900 points to the index.

Market capitalization contracted sharply to Rs18.188 trillion, down from the previous session’s Rs18.335 trillion, reflecting an erosion of nearly Rs147 billion in investors’ wealth.

Trading activity also weakened as volumes on the ready market dropped to 987.58 million shares compared with 1.27 billion shares a day earlier, with traded value slipping to Rs39.91 billion against Rs50.20 billion previously.

In terms of market breadth, decliners overwhelmingly outpaced gainers. Out of 476 active companies in the ready market, 263 closed in the red, 180 managed gains, while 33 remained unchanged.

Volume leaders were dominated by small and mid-tier scrips. First National Equities led the chart with 61.99 million shares, closing at Rs9.95. Agha Steel Industries followed with 61.30 million shares, settling at Rs9.93, while Pervez Ahmed Co. recorded 47.22 million shares, closing at Rs3.17.

Among individual stock performances, Khyber Textile Mills posted the highest gain, surging Rs 167.14 to close at Rs1,838.50, followed by Rafhan Maize, which climbed Rs123.97 to finish at Rs9,643.99. Conversely, PIA Holding Company Limited-B saw the steepest decline, falling Rs678.10 to close at Rs25,310.90, while Unilever Pakistan Foods lost Rs247.51 to end at Rs32,001.00.

The BR Automobile Assembler Index closed at 24,745.48 points, gaining 106.33 points, or 0.43 percent, on a total turnover of 6.67 million shares. The BR Cement Index ended at 13,076.26 points, down 188.85 points, or 1.42 percent, with a total turnover of 38.81 million shares.

The BR Commercial Banks Index finished at 44,833.06 points, losing 527.33 points, or 1.16 percent, on a total turnover of 72.36 million shares. The BR Power Generation and Distribution Index closed at 25,334.65 points, down 355.72 points, or 1.38 percent, with a total turnover of 30.95 million shares.

The BR Oil and Gas Index ended at 13,456.64 points, declining 125.42 points, or 0.92 percent, on a total turnover of 41.72 million shares. The BR Tech & Communication Index finished at 3,397.82 points, losing 16.33 points, or 0.48 percent, on a total turnover of 94.66 million shares.

Analysts noted that market sentiment remained weak as investors continued to book profits amid global market uncertainties and local macroeconomic concerns, resulting in heightened volatility and selling across sectors.