PSX slips 880 points as profit-taking drags index down

KARACHI: The Pakistan Stock Exchange (PSX) closed in the red on Wednesday as profit-taking and volatility weighed on the benchmark index after hitting record highs earlier in the session.

The KSE-100 Index settled at 156,141, down 880 points or 0.56 per cent. During intraday trade, the index touched a new all-time high of 157,816 before selling pressure reversed momentum, according to Topline Securities.

Analysts said the session opened on a positive note but profit-taking across key sectors, particularly oil and gas exploration, banks, and fertilizers, dragged the market lower, collectively knocking 653 points off the index.

JS Global noted that while the bourse attempted to extend its bullish run, it failed to break the resistance level of 157,820, with gains gradually eroded as the session progressed.

On the positive side, MEBL, ILP and KTML added 152 points, but the impact was overshadowed by heavy losses in ENGROH, PPL, MARI, EFERT and FFC, which together shaved off 540 points from the benchmark.

Market activity remained robust despite the downturn. Traded volume surged to 1.27 billion shares, while turnover reached Rs50.1 billion — a strong improvement over the previous session.

On the other hand, after days of record-breaking highs, gold prices in Pakistan finally showed signs of cooling on Thursday, tracking a similar downtrend in the international market.

According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs4,100 to settle at Rs384,000. Likewise, the price of 10-gram gold dropped by Rs3,515 to reach Rs329,218. The decline comes a day after local prices held steady at Rs388,100, which itself followed a streak of sharp gains that pushed gold to unprecedented levels