The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed the week’s last session nearly flat, as investors resorted to profit-taking after the index crossed 140,000 level for the first time during intra-day trading on Friday.
The KSE-100 started the session positive, hitting record intra-day high of 140,585.39.
However, profit-taking in the latter hours erased the earlier gains.
At close, the benchmark index settled at 138,597.36, marginally lower by 68.14 points or 0.05.
“KSE-100 Index opened on a positive note and gained to make an intra-day high of +1,920 points (+1.38%) on buying by local institutions. However, profit-taking was observed in the second half of trading session as investors came in to book their profit before the weekend,” brokerage house Topline Securities said in its post-market report.
Top positive contribution to the index came from FFC, UBL, ENGROH, PSEL, PABC & EFERT, as they cumulatively contributed 1,052 points to the index. On the other hand SYS, MEBL, HUBC, NBP and MARI, lost value to weigh down on the index by 345 points to the index, it added.
On Thursday, PSX had extended its bullish momentum, with the KSE-100 gaining 2,285 points or 1.68% to a new all-time closing high of 138,665.50.
On week-on-week basis, the benchmark index increased 3.2% as buying by local mutual funds kept the market upbeat, Topline said.
Market experts noted that the positivity was expected to continue, supported by positive economic indicators.
“Momentum is expected to continue amid the upcoming result season. However, there will be episodes of profit-taking as the market move towards consolidation,” Sana Tawfik, Head of Research at Arif Habib Limited, told media earlier during the day.
Internationally, Asian shares tracked Wall Street higher on Friday as still-strong US economic data and robust corporate earnings offset tariff worries, while the yen headed toward a second successive week of loss ahead of Japan’s upper house election.
Overnight, the S&P 500 and the Nasdaq again closed at record highs as US data, including retail sales and jobless claims, beat forecasts, indicating a modest improvement in the economy that should give the Federal Reserve time to gauge the inflation impact from higher US tariffs.
Streaming giant Netflix beat Wall Street’s lofty expectations for second-quarter earnings in part due to a weaker US dollar. Its share price, however, fell 1.8% in after-hours trading, with analysts saying much of the growth had already been priced in.
On Friday, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8% to its highest since late 2021, bringing the weekly gain to 1.7%.
Japan’s Nikkei, however, slipped 0.2%, and the yen was at 148.54 per dollar, down about 0.7% this week after polls showed Prime Minister Shigeru Ishiba’s coalition was in danger of losing its majority in the election on Sunday.
Meanwhile, the Pakistani rupee improved slightly against the US dollar, appreciating 0.04% in the inter-bank market on Friday. At close, the currency settled at 284.87, a gain of Re0.10.
Volume on the all-share index decreased to 609.44 million from 780.01 million recorded in the previous close.
The value of shares declined to Rs31.62 billion from Rs39.97 billion in the previous session.
Pak Int.Bulk was the volume leader with 53.11 million shares, followed by First Dawood Prop with 42.00 million shares, and Ghani Chemworld with 31.78 million shares.
Shares of 478 companies were traded on Friday, of which 120 registered an increase, 331 recorded a fall, while 27 remained unchanged.
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