PSX tumbles 1,702 points on profit-taking, closes at 154,440

KARACHI: The Pakistan Stock Exchange (PSX) benchmark index closed lower on Friday, starting off volatile before gradually losing ground as profit-taking set in.

The KSE-100 Index shed 1,702 points, or 1.09 per cent day-on-day, to close at 154,440.

According to Topline Securities, correction was observed at the bourse due to rising cost of leverage — in the margin trading system (MTS) and futures market — as the index closed at 154,440, down 1.09 per cent.

The top negative contribution came from United Bank Ltd (UBL), Fauji Fertilizer Company (FFC), Engro Corp (ENGRO), Hub Power Company (HUBC) and Lucky Cement (LUCK), which collectively dragged the index down by 900 points.

In terms of traded value, National Bank of Pakistan (NBP) (Rs2.28 billion), Pakistan Petroleum Ltd (PPL) (Rs1.12 billion), HUBC (Rs1.08 billion), Pakistan State Oil (PSO) (Rs912 million) and Maple Leaf Cement Factory (MLCF) (Rs867 million) led the activity.

JS Global reported that selling pressure persisted, with the KSE-100 Index losing 1,702 points in the session. The market settled at 154,439, marking one of the steepest single-day declines in recent weeks. Pressure was most evident in heavyweight sectors including banks, cement and exploration and production (E\&P) stocks.

Traded volume stood at 985 million shares while value came in at Rs39.86 billion.

Commercial banks, fertilizer and cement sectors were the major laggards, collectively shedding 963 points from the index.

On a week-on-week basis, the KSE-100 Index posted a marginal gain of 0.11 per cent, which analysts attributed to slower inflows from mutual funds that had largely been driving the rally.

Key developments during the week included Pakistan’s remittances for August 2025 at $3.14 billion (up 7 per cent year-on-year, down 2 per cent month-on-month), and car sales reported by the Pakistan Automotive Manufacturers Association (PAMA) at 14,050 units (up 62 per cent YoY, 27 per cent MoM).

Average daily traded volume and value for the week stood at 1.1 billion shares and Rs52 billion, respectively.

Meanwhile, gold prices in Pakistan moved higher on Friday, echoing a strong rally in international markets where the metal is hovering near record highs amid growing expectations of interest rate cuts in the United States.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs2,500 to reach Rs386,500 per tola in the local market. The rate for 10-gram 24-karat gold also went up by Rs2,143, settling at Rs331,361. The price of 22-karat gold was quoted at Rs303,758 per 10-gramme.