PSX closes negative amid range-bound session

KARACHI: The Pakistan Stock Exchange (PSX) closed in the red on Monday as the benchmark KSE-100 Index lost 380 points, or 0.27 per cent, to settle at 138,218.

The market remained range-bound throughout the session, swinging between an intraday high of 139,201 and a low of 138,150, as investors engaged in profit-taking ahead of end-July contract expiries.

According to Topline Securities, pressure on the index came from FFC, UBL, OGDC, SYS, and HUBC, which collectively dragged it down by 438 points. In contrast, HBL, EFERT, and PABC provided partial support, contributing a combined 152 points.

Pearl Securities said the session reflected signs of consolidation following last week’s extended bullish streak. Despite brief recoveries, profit-taking in the latter half led the index to close in negative territory.

Ismail Iqbal Securities attributed the session’s volatility to the start of rollover week, as investors adjusted their positions accordingly.

Trading activity remained strong, with total volume at 604 million shares and turnover amounting to Rs23 billion. PMI led the volume chart with 58 million shares traded.

Sector-wise, fertilizers, commercial banks, and oil and gas exploration companies were the biggest laggards, collectively shaving 288 points off the index.

Meanwhile, the Pakistani rupee (PKR) posted a modest gain against the US dollar (USD) in early interbank trade on Monday, offering a brief reprieve after a week of steady depreciation.

By mid-morning, the local currency was trading at 284.75 against the USD, up by 12 paisa or 0.04 per cent. The improvement followed a week where the rupee had slipped by 41 paisa, settling at 284.87 by Friday, compared to 284.46 a week earlier, according to the State Bank of Pakistan (SBP).