PSX turns volatile after early gains as KSE-100 swings between green and red

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile start to the day on Friday as the benchmark KSE-100 index struggled to hold onto early gains, swinging sharply between positive and negative territory during the opening hours of trade.

Early gains fade within minutes

The session began on a hopeful note with the KSE-100 index edging up by 169.28 points to 156,310.52 at around 9:19 AM, supported by an initial turnover of 1.39 million shares. However, the optimism proved short-lived as the index slipped into the red within minutes. By 9:23 AM, the market had erased its early gains and was down by 218.86 points at 155,922.38.

A brief recovery attempt followed, lifting the benchmark to an intraday high of 156,519.13 after gaining 377.89 points, supported by a stronger volume of 12.11 million shares. But the rally fizzled out quickly, and selling pressure dragged the index sharply lower. By 10:10 AM, the KSE-100 had plunged by 1,141.65 points to hit an intraday low of 154,999.59, with volumes surging past 51.87 million shares.

As of 11:19 AM, the market was showing some signs of stabilisation but remained under pressure, with the PSX standing at 155,660.07, down by 481.17 points or 0.31 percent compared to the previous day’s close. Intraday data showed that the index has so far traded between a high of 156,519.13 and a low of 154,999.59, with total traded volumes crossing 85 million shares by this point in the session.

Broader trend still shows strong gains

Despite the morning losses, the broader picture still reflects a strong rally over the past year. The KSE-100 index has gained 96.99 percent in the last 12 months and is up 35.21 percent year-to-date. The benchmark has been hovering close to its record highs as well, having moved within a 52-week range of 78,577.65 to 157,816.77.

Market watchers noted mixed performances across sectors. Some leading names from the KSE-100 basket were trading deep in the red, contributing to the index’s decline. Heavyweights like Engro (ENGROH) were down by Rs4.45 to Rs235.49, Mari Petroleum (MARI) slipped by Rs4.75 to Rs676.39, Lucky Cement (LUCK) shed Rs4.24 to Rs476.40, and Packages Limited (PKGS) dropped Rs9.17 to Rs704.10. Others including PAEL, PIBTL, BOP, LCI and DGKC were also seen under pressure during the morning session.

Selective buying cushions the fall

Conversely, selective buying interest supported a handful of index names. Attock Petroleum (ATLH) stood out among the gainers, rising by Rs56.37 or 4.61 percent to Rs1,277.86. Glaxo (GLAXO) added Rs11.08 to reach Rs419.50, while Systems Limited (SYS) edged up by Rs0.85 to Rs137.70 and TRG Pakistan (TRG) advanced to Rs63.10 after gaining Rs0.63. Other notable gainers included AGP, PSO, AVN, and EFERT, which were all seen trading slightly in the green.

Away from the KSE-100 constituents, sharp movements were seen in the broader market as well. Among the top advancers were DSIL, which jumped 15.27 percent to Rs7.55, WASL rising 14.01 percent to Rs4.80, and SEL gaining 10.03 percent to Rs16.23. On the flipside, GEMBLUEX led the decliners, sliding 9.99 percent to Rs60.55, followed by FFLM down 7.36 percent to Rs7.30, and ASLCPS which shed 7.32 percent to Rs43.30.

Market still jittery after Thursday’s fall

The market’s performance today follows a steep drop in the previous session, when the KSE-100 index closed Thursday at 156,141.24 after losing 879.55 points or 0.56 percent. That session had seen wild swings of over 1,700 points, with an intraday high of 157,816.76 and a low of 156,103.81 before settling in negative territory. Turnover in that session stood at 402.82 million shares as selling in oil and gas, banking, fertiliser, investment and cement sectors dragged the benchmark lower.

While the market continues to trade near record highs, the morning’s choppy performance reflects a tug of war between profit-taking and fresh buying interest, leaving Pakistan’s stock market on a shaky footing midway through the session.