The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed marginally lower, as late-session selling wiped out nearly 600 points the index had gained during intra-day trading on Thursday.
The KSE-100 started the session positive, hitting an intra-day high of 114,456.92, followed by some selling in the final hours, which pushed the index to an intra-day low of 113,729.53.
At close, the benchmark index settled at 113,784.31, marginally lower by 78.02 points or 0.07%.
“Investor sentiment remained mixed due to a lack of market-moving triggers,” brokerage house Topline Securities said in its post-market report.
The upward movement was primarily driven by OGDC, PPL, SNGP, PKGP, and MEBL, which collectively contributed 231 points to the index. Conversely, LUCK, HBL, and PSO together subtracted 132 points from the index, it added.
In a key development, a mission from the International Monetary Fund (IMF) will arrive in Pakistan next week, Finance Minister Muhammad Aurangzeb said on Wednesday, with a first review of a $7 billion bailout programme due in March.
Islamabad secured the $7 billion Extended Fund Facility (EFF) last summer as part of an economic recovery plan.
The finance minister said that Pakistan’s economy had stabilised and now needs to focus on export-led growth.
On Wednesday, PSX witnessed selling pressure as the KSE-100 closed the day lower by 666 points to settle at 113,862.33.
Globally, the US dollar firmed in early Asian hours on Thursday as Treasury yields ticked higher while investors assessed the outlook for tariffs and the economy under President Donald Trump.
Asian stocks were mixed with tech shares around the region getting little steer from heavyweight US chipmaker and AI darling Nvidia’s earnings overnight.
Cryptocurrency bitcoin languished below $85,000, while safe-haven gold was steady some $40 below its record high as trade war worries kept market sentiment fragile.
On Wednesday, Trump clouded the outlook for looming levies on top trading partners Canada and Mexico by signalling they would take effect on April 2 – another month-long extension.
However, a White House official later said the previous March 2 deadline for the levies remained in effect “as of this moment”, stirring further uncertainty about US trade policy.
US two-year Treasury yields rose to 4.09%, finding their footing following a slump to the lowest since November 1 at 4.065% in the prior session. The 10-year yield rose to 4.2772% from a low of 4.245% on Wednesday, a 2-1/2-month trough.
Meanwhile, the Pakistani rupee recorded marginal decrease, depreciating 0.04% against the US dollar in the inter-bank market on Thursday. At close, the rupee settled at 279.72, a loss of Re0.1 against the greenback.
Volume on the all-share index declined to 397.39 million from 640.18 million recorded in the previous close.
The value of shares decreased to Rs19.33 billion from Rs22.74 billion in the previous session.
Cnergyico PK was the volume leader with 71.84 million shares, followed by WorldCall Telecom with 20.25 million shares, and At-Tahur Ltd with 17.62 million shares.
Shares of 454 companies were traded on Thursday, of which 145 registered an increase, 253 recorded a fall, while 56 remained unchanged.
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