RECORDER REPORT

KARACHI: Pakistan Stock Exchange (PSX) closed on a negative note on Thursday as broad-based selling pressure erased early gains, dragging key indices lower by the close.

The benchmark KSE-100 Index fell 735.94 points, or 0.45 percent, to settle at 164,530.81, compared with the previous session’s close of 165,266.75. The index touched an intraday high of 166,729.97 and a low of 164,306.77.

On Thursday, the BRIndex100 closed at 17,156.87, down 108.94 points, or 0.63 percent, compared to the previous close. Total volume stood at 1,376.39 million shares. The BRIndex30 settled at 54,306.79 points, down 630.67 points, or 1.15 percent, from the previous session. Total turnover was 997.20 million shares.

Topline Securities, in its post-session report, said that the local bourse opened on a strong footing, optimism prevailed after reports emerged that the International Monetary Fund (IMF) had shared the draft Memorandum of Economic and Financial Policies (MEFP) with Pakistan’s Ministry of Finance. Confidence further strengthened following Finance Minister Muhammad Aurangzeb’s statement that Pakistan had met all IMF targets and that a staff-level agreement was expected soon after the signing of the MEFP.

However, the early optimism proved short-lived as heavy selling from local institutions and foreign corporates wiped out the initial rally, dragging the index into negative territory.

Overall market participation increased in terms of share volume but declined in value. The ready market turnover rose to 1,570.38 million shares compared to 1,274.69 million previously, while the traded value dropped to Rs50.53 billion from Rs61.13 billion. Market capitalization declined to Rs19.06 trillion from Rs19.15 trillion, marking a contraction of roughly Rs84 billion.

Out of 481 companies traded in the ready market, 184 closed higher, 264 declined, and 33 remained unchanged.

K-Electric Limited led trading with 278.93 million shares, closing at Rs6.92. WorldCall Telecom followed with 193.59 million shares to close at Rs1.77. Pakistan Telecommunication Company Limited (PTCL) closed at Rs35.68 with 119.85 million shares traded.

Among top price movers, Unilever Pakistan Foods Limited gained Rs167.64 to close at Rs30,167.64, followed by Supernet Technologies Limited, which added Rs152.97 to close at Rs1,682.66. Conversely, Nestle Pakistan Limited lost Rs43.20 to close at Rs8,306.78, while Shahmurad Sugar Mills Limited declined Rs37.22 to Rs445.32.

Among sectoral performances, the BR Automobile Assembler Index closed at 25,312.67, down 192.45 points, or 0.75 percent, with a total turnover of 4.87 million shares. The BR Cement Index closed higher at 13,043.16, gaining 28.02 points, or 0.22 percent, with 42.14 million shares traded. The BR Commercial Banks Index declined 560 points, or 1.12 percent, to close at 49,496.85, with 131.74 million shares traded.

The BR Power Generation and Distribution Index dropped 331.28 points, or 1.17 percent, closing at 27,960.37, with a total turnover of 294.59 million shares. The BR Oil and Gas Index closed marginally lower at 14,330.47, down 14.86 points, or 0.10 percent, with 70.03 million shares. Meanwhile, the BR Technology and Communication Index ended nearly flat at 3,932.56, up 0.69 points, or 0.02 percent, on a robust turnover of 424.03 million shares.

The major draggers included Habib Bank Limited (HBL), United Bank Limited (UBL), National Bank of Pakistan (NBP), Systems Limited (SYS), and Bank Alfalah (BAFL), which collectively erased 639 points from the index. On the other hand, selective buying in MCB Bank, Lucky Cement (LUCK), and Engro Corporation (ENGRO) contributed 317 points, partially offsetting the overall decline.

Analysts noted that higher volumes indicated continued market participation, while the drop in value traded and market capitalization underscored investor prudence ahead of the expected staff-level agreement with the IMF and upcoming corporate earnings releases.