RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) closed in the red on Tuesday as selling pressure dominated the session, attributed to heavy profit-taking by local institutions, which overshadowed early gains.

Extending the previous day’s bearish trend, the benchmark KSE-100 Index plunged by 1,578.66 points, or 0.94 percent, to finish at 166,173.75 points, down from 167,752.41 points a day earlier. The index reached an intraday high of 168,518.97 points and a low of 165,997.21 points, depicting a volatile trading day marked by heavy profit-taking.

The BRIndex100 also mirrored the downtrend, closing at 17,407.75 points, down 168.76 points, or 0.96 percent, compared with the previous session. Total volume on the index stood at 1,049.06 million shares. Similarly, the BRIndex30 fell by 1,074.8 points, or 1.9 percent, to close at 55,464.71 points, with total volume recorded at 733.53 million shares.

Topline Securities observed that following Monday’s downbeat sentiment, bears kept their foot firmly on the pedal throughout the session. The brokerage reported that the benchmark index initially opened on a positive note, with bulls charging ahead to lift the market by 766 points in early trade. However, the upward momentum proved short-lived as renewed selling pressure emerged midway through the session, wiping out early gains and pushing the index into negative territory by the close.

Market activity remained slightly weaker compared with the previous day. Total ready market turnover was reported at 1,266.23 million shares, marginally lower than 1,274.36 million shares on Monday.

The traded value declined to Rs54.22 billion from Rs60.54 billion, while overall market capitalization contracted to Rs19.26 trillion from Rs19.39 trillion, marking a decrease of nearly Rs132 billion.

Market breadth also remained weak as out of 487 companies traded on the ready board, 183 closed higher, 267 declined, and 37 remained unchanged.

Among individual stocks, Pakistan Telecommunication Company Limited (PTCL) led the volume chart with 180.61 million shares changing hands and ended the day at Rs31.14. Bank of Punjab followed with 134.74 million shares, closing at Rs35. Cnergyico PK Limited ranked third with 90.72 million shares, ending at Rs8.76.

In price performance, Unilever Pakistan Foods Limited and Rafhan Maize Products Company Limited emerged as the top gainers. Unilever Foods surged by Rs653.17 to close at Rs29,950.89, while Rafhan Maize gained Rs128.50 to finish at Rs9,901.67. On the contrary, PIA Holding Company Limited-B posted the steepest decline, losing Rs674.83 to close at Rs24,775.17, followed by Ismail Industries Limited, which fell Rs60.70 to close at Rs2,074.68.

The BR Automobile Assembler Index closed at 25,508.13 points, recording a net decrease of 96.37 points, or 0.38 percent, with a total turnover of 4.27 million shares. The BR Cement Index ended at 13,252.84 points, down 268.02 points, or 1.98 percent, with 38.55 million shares traded.

The BR Commercial Banks Index settled at 50,482.55 points, lower by 28.55 points, or 0.06 percent, on a turnover of 204.30 million shares. The BR Power Generation and Distribution Index dropped sharply to 28,410.99 points, losing 842.4 points, or 2.88 percent, with 57.31 million shares traded.

The BR Oil and Gas Index declined by 279.66 points, or 1.9 percent, to close at 14,433.26 points, with a turnover of 71.85 million shares. Meanwhile, the BR Technology and Communication Index closed marginally lower at 3,791.12 points, down 5.35 points, or 0.14 percent, with a strong turnover of 298.98 million shares.

Analysts noted that decline was largely driven by losses in heavyweight stocks such as Hub Power Company (HUBC), Engro Corporation (ENGROH), Lucky Cement (LUCK), Mari Petroleum (MARI), and United Bank Limited (UBL), which collectively dragged the index down by 986 points. However, partial support came from Habib Bank Limited (HBL), Engro Fertilizers (EFERT), Askari Bank Limited (AKBL), and Allied Bank Limited (ABL), contributing a combined 380 points to offset part of the decline.