PSX closes on negative note amidst profit-taking

KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed down by 165.26 points, or 0.12 per cent, at 139,254.35 on Wednesday, after touching an intraday high of 140,202.17.

The decline was mainly attributed to profit-taking during the ongoing rollover week, as investors remained cautious ahead of the release of second-quarter (2QCY25) corporate results, according to an analyst at Al Habib Capital.

The session had opened on a positive note, buoyed by renewed investor confidence following assurances by Chief of Army Staff General Asim Munir to the business community, which helped boost market sentiment, said Pearl Securities.

Further support came from the government’s recent majority win in the Senate, which eased political uncertainty and contributed to the initial upward momentum.

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Expectations of a potential policy rate cut in the upcoming Monetary Policy Committee (MPC) meeting, scheduled for July 30, 2025, also underpinned early gains.

However, profit-taking emerged in the latter half of the session, eventually pulling the index into negative territory by the close.

Some support was lent by positive developments from the COAS’s meeting with business leaders on Monday to resolve post-budget concerns, the Al Habib Capital analyst noted.

According to Topline Securities, the market remained range-bound, fluctuating between an intraday high of 140,202 and a low of 139,105, amid rollover-related pressure.

Key laggards included ENGROH, HBL, PKGP, MCB, and MEBL, which collectively dragged the index down by 277 points. On the flip side, BAHL, MARI, and HUBC provided partial support, adding 174 points to the index.

Trading activity remained robust, with total volume hitting 655 million shares and overall turnover amounting to Rs32 billion. WorldCall Telecom (WTL) led the volume chart, with 55 million shares traded.