PSX sheds 1,700 points but manages short-lived rebound

KARACHI: The Pakistan Stock Exchange (PSX) started the new week on a shaky note, opening in the green on Monday, October 6, before quickly sliding into negative territory.

For the first few minutes, the KSE-100 Index showed gains, but by 9:40 am it had plunged by 1,744.5 points, falling to 167,245.57 with trading volumes at nearly 45 million shares. The market stayed under pressure through early trade until around 10 am.

A brief recovery came soon after, as the index bounced back into positive territory, gaining 336.28 points to touch 169,326.35 by 10:06 am. However, the momentum could not hold, and by 11:14 am the benchmark had slipped again, standing at 168,518.26, down 471.81 points or 0.28 percent.

Day’s range and performance indicators

So far in the day, the KSE-100 Index has seen a high of 169,326.35 and a low of 167,245.57. Volumes crossed 224 million shares during the session. Despite the morning swings, the market’s longer-term trajectory remains firm. Over the past year, the benchmark index is still up by more than 101 percent, while year-to-date gains stand at 46.38 percent.

The day’s trading range has been tight, moving between 167,245.57 and 169,326.35. In comparison, the 52-week range shows how far the market has climbed, with the index having traded between 82,594.80 and 169,988.62.

Gainers and losers

Among the standout performers of the session were companies like AICL, which surged to Rs87.22, up by nearly 10 percent, while PIBTL climbed to Rs15.87 with a gain of 2.85 percent. Other notable advancers included SYS, HBL, MCB, and KEL, all posting modest but steady increases.

On the losing side, GEMBLUEX was among the hardest hit, sliding 10 percent to Rs58.49. PAKL, POML, and AHTM also recorded steep declines of around 9 to 10 percent. Within the KSE-100 basket, stocks such as BAFL, BOP, and CNERGY were seen dragging the index lower, with losses ranging between 2 and 3 percent.

Previous session

The mixed performance comes after a relatively stronger close in the previous trading session on Friday, when the KSE-100 Index ended the day at 168,990.07, up by 500.45 points. That session saw the index trade positively throughout, with a high of 169,988.61 and volumes of over 831 million shares. On that day, 48 companies advanced, 51 declined, and one remained unchanged.

Friday’s rally had been supported by strong gains in names like AICL, CNERGY, and FHAM, while heavyweights such as MEBL and HUMNL pulled back. Overall, companies like FFC and UBL contributed the most to the index on the upside, while MEBL and MARI dragged it lower.

Read next: IMF asks Pakistan to explain $11 billion gap in trade figures