Stock market likely to remain volatile, trade within range

KARACHI: The Pakistan Stock Exchange (PSX) closed around its beginning stage on Friday despite early gains in the day. Towards the end of the trading session, profit-taking wiped out earlier gains.

The benchmark KSE-100 index touched the intra-day high of 79,173.94 points but ended the day with a marginal increase of 8.01 points, settling at 78,801.43 – marking the opening of this week’s trading.

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The approaching end of the corporate earnings season and the futures rollover added to the market’s cautious tone, leading to increased selling pressure. As a result, profit-taking became more pronounced in the latter part of the session. This bearish trend pulled the index below the 79,000 mark, hitting an intra-day low of 78,760.03.

Throughout the last week, the index posted notable fluctuations, and analysts are of the opinion that these fluctuations will likely continue as would the rangebound state until an external catalyst pushes the market in either direction.