PSX turns choppy after strong start as early gains fade

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a highly volatile session on Tuesday as the benchmark KSE-100 index opened strong but quickly fell into the red amid mixed investor sentiment.

At the start of the session, the index surged by 766.57 points to 168,518.97 around 9:34 AM, showing a strong rebound from Monday’s closing level of 167,752.40. However, the optimism faded within minutes as profit-taking pressure dragged the index down by 413.85 points to 167,338.55 by 9:52 AM.

The selling trend deepened further, pushing the index to 166,792.51 by 10:27 AM after a drop of 959.89 points, before it made a brief recovery later in the morning. Around 11:20 AM, the market regained some ground and was seen at 167,799.35, showing a modest gain of 46.95 points.

As of 12:14 PM, the KSE-100 index stood at 167,746.68, marginally lower by 5.72 points, reflecting the uncertainty that continues to hover over the market.

High volatility marks intraday performance

During the ongoing session, the PSX recorded a day’s high of 168,518.97 and a low of 166,792.51, with trading volume crossing 273 million shares by early afternoon. The market’s performance highlights the tug-of-war between short-term traders booking profits and long-term investors showing selective interest in key stocks.

Despite the short-term swings, the index remains up by 97.56 percent over the past year and 45.71 percent on a year-to-date basis, showing that investor confidence has largely held steady over the longer term.

Over the last 52 weeks, the PSX has traded between a low of 83,303.55 and a record high of 169,988.62, underscoring its remarkable recovery trajectory from last year’s lows.

Top movers: financial and telecom stocks lead gains

In Tuesday’s trading, select financial and telecom stocks posted healthy gains. Bank of Punjab (BOP) advanced 4.61 percent to Rs36.05, while Habib Bank Limited (HBL) rose 2.94 percent to Rs313.00. Adamjee Insurance Company Limited (AICL) gained 5.48 percent to Rs92.00, and Pakistan Telecommunication Company (PTC) increased 4.49 percent to Rs32.82.

Other notable gainers included Systems Limited (SYS), Ghani Global (GHNI), and Millat Tractors Limited (MTL), all closing higher with modest percentage increases.

On the losing side, S.S. Oil Mills (SSOM) fell 7.26 percent to Rs419.99, while GEMBLUEX dropped 9.99 percent to Rs58.50, making it one of the top decliners of the day. Other major laggards included Pakistan Oilfields Limited (POL), Hub Power Company (HUBC), and Lucky Cement (LUCK), all losing between 1 and 3 percent.

Monday’s session recap

In the previous session on Monday, October 6, the KSE-100 index closed at 167,752.40, down 1,237.67 points or 0.73 percent, after investors resorted to profit-taking following weeks of strong gains. The market traded within a wide intraday range of 3,328.99 points, recording a high of 169,326.35 and a low of 165,997.36.

Out of the 100 index companies, 26 closed higher while 74 ended in negative territory. AICL, PTC, and BOP were among the top gainers, whereas SSOM, Unilever Pakistan Foods (UPFL), and Kohat Cement (KOHC) were the major losers.

The All-Share Index had closed Monday at 53,488.77, down by 491.70 points or 0.91 percent, with over 553,000 trades executed across 487 companies.