Shares of 340 companies were traded. At the end of the day, 93 stocks closed higher, 233 declined and 14 remained unchanged. PHOTO: FILE
KARACHI:
The Pakistan Stock Exchange (PSX) endured volatile trading on Tuesday, when the benchmark KSE-100 index closed modestly lower as investors adopted a cautious stance amid mixed signals and consolidation at elevated levels.
The index swung widely, touching the intra-day high of 183,217 and low of 181,499, highlighting uncertainty and range-bound trading. Profit-taking at higher levels capped the upside momentum, while selective buying across key stocks helped limit the downside. Sentiment was largely dampened by the confluence of headwinds, including geopolitical risks, domestic security concerns, lacklustre corporate earnings and uncertainty surrounding the Reko Diq mining project. At close, the KSE-100 index settled at 182,153.55, down 186.83 points, or 0.10%.
KTrade Securities wrote in its market wrap that the PSX remained under pressure, extending the sideways-to-weak trend seen over the past few sessions as local uncertainties and institutional and broker selling continued to weigh on confidence.
Trading activity stayed subdued, reflecting the absence of meaningful institutional buying. Selling pressure from brokers and institutions was largely absorbed by high-net-worth individuals and retail investors, preventing a sharper decline but failing to trigger any sustainable upside. Engro Holdings stood out as the key outperformer among gainers, supported by Lucky Cement, Fauji Fertiliser Company and Hub Power, it said.
On the flip side, HBL, TRG Pakistan, K-Electric, Askari Bank, Bank Alfalah, Engro Fertilisers and MCB Bank dragged the index lower. KTrade expected the market to remain range bound in the near term amid geopolitical risks, domestic security concerns, lacklustre corporate earnings and uncertainty surrounding the Reko Diq project.
JS Global analyst Muhammad Hasan Ather commented that the KSE-100 witnessed a volatile session, losing 187 points. Investor interest was fuelled by the upward revision of FY26 growth forecast from the State Bank to 3.75-4.75%, coupled with robust January remittance inflows of $3.5 billion. Declining inflation and monetary policy easing suggest further upside, though the index may face technical resistance near the 185,000 mark, he said.
Arif Habib Limited (AHL) noted that the KSE-100 closed down for the third consecutive day, dropping to the bottom of the 180-190k range. Some 39 shares rose while 58 fell with Engro Holdings (+5.59%), Lucky Cement (+1.85%) and Fauji Fertiliser (+0.53%) contributing the most to index gains. Major drags were HBL (-2.53%), TRG (-9.25%) and K-Electric (-8.39%).
Meanwhile, remittances from overseas Pakistanis rose 15.4% to $3.5 billion in January and increased 11% to $23.2 billion in seven months. Visa representative was of the view that Pakistan’s cash economy may drop to 50% by 2030 following a decline to 88% in 2026. A fall below 180k index level is anticipated, requiring a swift recovery to avoid further declines, AHL said. Topline Securities mentioned that the local bourse blew hot and cold as bulls failed to sustain early momentum. The index opened firm and rallied to the intra-day high of 876 points, but selling pressure quickly emerged, pushing the market into the red. Bears dominated the second half, pulling the index to the intra-day low of 841 points before it settled at 182,154, down 187 points.
Overall trading volumes increased to 1.06 billion shares compared to Monday’s tally of 931.4 million. The value of shares traded during the day stood at Rs37.9 billion.
Shares of 482 companies were traded. Of these, 153 stocks closed higher, 280 fell and 49 remained unchanged.
K-Electric was the volume leader with trading in 253.7 million shares, down Rs0.79 to close at Rs8.63. It was followed by Cnergyico PK with 189.4 million shares, rising Rs0.57 to close at Rs8.25 and WorldCall Telecom with 117 million shares, gaining Rs0.06 to close at Rs1.70.
Foreign investors sold shares worth Rs1.26 billion, the National Clearing Company reported.
