PSX snaps winning streak, KSE-100 drops 0.41pc on profit-taking

KARACHI: The Pakistan Stock Exchange (PSX) closed lower on Friday, erasing earlier gains as profit-taking in major sectors dragged the market down at the end of the trading week.

The benchmark KSE-100 index ended the session down 696 points, or 0.41 per cent, to close at 170,478 points.

The market witnessed a volatile session, with the index hitting an intraday low of 170,254 points as investors offloaded shares to lock in profits after recent gains.

Market analysts attributed the downturn to institutional selling and a cautious approach ahead of upcoming macroeconomic indicators.

“We saw across-the-board selling pressure today,” said a Karachi-based equity analyst.

“Investors preferred to book profits, particularly in heavy-weight sectors that have rallied over the past few weeks.”

The cement, chemical, fertilizer, oil and gas, and commercial banking sectors dominated trading volume, witnessing heavy architectural turnover as institutional investors reshuffled their portfolios.

Market participation remained robust, though sentiment was weighed down by broader economic uncertainties.

Traders note that the index is likely to remain range-bound in the coming week as the market looks for fresh triggers, including updates on fiscal policy and foreign investment inflows.