The Pakistan Stock Exchange (PSX) endured a rollercoaster session on Thursday, as intense volatility saw bullish and bearish forces wrestle for market control. By the closing bell, the bears emerged dominant, dragging the benchmark KSE-100 Index down by 1,242 points, or 0.75%, to settle at 164,445.

Trading began on a strong note, buoyed by optimism over a 48-hour ceasefire between Pakistan and Afghanistan, which helped ease geopolitical concerns and initially lifted investor confidence. The index surged to an intraday high of 166,865 points—up 1,179 points (+0.71%)—reflecting broad-based early gains, according to Ali Najib, Deputy Head of Trading at Arif Habib Ltd.

However, sentiment reversed sharply in the final trading hour as profit-taking and sector-specific pressure triggered a sell-off. Heavyweight stocks from the fertiliser, technology, and banking sectors—including ENGROH, SYS, FFC, EFERT, BAHL, BAFL, and HBL—collectively wiped out 813 points from the index.

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Despite the decline, market participation reached unprecedented levels. The PSX recorded its highest-ever daily trading volume of 3.08 billion shares, with an aggregate traded value of Rs50.6 billion. K-Electric (KEL) led the activity board with an all-time high of 1.02 billion shares traded, highlighting robust retail and institutional participation even in a turbulent session.

Analysts expect the market to remain range-bound as investors adopt a cautious stance ahead of the week’s final session. The KSE-100 is projected to consolidate within the 165,000–170,000 band as traders await fresh catalysts to guide direction.