A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
The Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Tuesday as early gains were wiped out by heavy profit-taking and weak investor sentiment, pushing the benchmark index deep into the red.
After opening on a positive note, the KSE-100 index climbed to an intra-day high of 163,380.67 points. However, momentum quickly reversed in the second half as investors booked profits from recent rallies. The index hit a low of 159,805.35 points before closing at 160,101.03, down 2,062.78 points or 1.27% from Monday’s close of 162,163.81.
Tuesday’s slump marked the fifth consecutive session of losses, underscoring persistent investor unease. The benchmark briefly dipped below the 160,000-point mark amid sustained selling pressure and a lack of positive triggers.
Read: Border clashes rattle stocks and PSX suffers major sell-off
Market participants attributed the downturn to fading confidence, macroeconomic uncertainty, and caution ahead of corporate earnings, following recent policy announcements.
Arif Habib Limited (AHL) noted that the bearish spell persisted with the fifth straight down close and an intra-day breach of the 160,000 level. Only 19 scrips gained while 79 declined, with Lucky Cement (+1.67%), Pakistan Services (+1.69%), and Service Industries (+1.69%) providing the most support.
On the flip side, Hub Power (-2.18%), Meezan Bank (-1.82%), and Habib Bank (-1.9%) were the biggest drags on the index.
In corporate results, Lucky Cement reported its highest-ever quarterly consolidated profit after tax (PAT) of Rs21.9 billion (+23% YoY), translating into an EPS of Rs15.01 for 1QFY26.
Read More: PSX slips 0.3% as selling offsets early gains
Indus Motor Company (+0.92%) also posted a record PAT of Rs6.72 billion (EPS: Rs85.49, +32% YoY) along with a record quarterly dividend of Rs51 per share. Pakistan State Oil (+0.65%) announced 1QFY26 EPS of Rs20.0, up 136% YoY.
AHL cautioned that Tuesday’s declines wiped out all gains made since mid-October, warning that “after a bounce, the October lows will likely come under threat.”
Overall market participation improved, with 1.01 billion shares traded, up from 1.0 billion on Monday. Traded value stood at Rs36.94 billion.
Out of 476 active scrips, 113 advanced, 324 declined, and 39 remained unchanged. K-Electric led the volumes chart with 94.6 million shares, losing Rs0.54 to close at Rs5.27.
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