KARACHI:

Pakistan Stock Exchange (PSX) ended lower on Thursday as the benchmark KSE-100 index slipped 255 points amid a volatile session marked by an early surge and a sharp reversal.

After initially climbing more than 1,400 points and touching the intra-day high of 178,291, the index failed to hold above the key 178,000-180,000 resistance zone and retreated to the low of 176,157. Selling pressure in banking and power heavyweights outweighed selective buying in the oil and gas exploration sector, while the overall market breadth remained weak. Regular market turnover stood at 665 million shares worth Rs30.8 billion.

At the close of trading, the KSE-100 index posted a modest loss of 254.59 points, or 0.14%, and settled at 176,591.77.

Arif Habib Limited (AHL) noted that despite a largely flat session, the KSE-100 failed to penetrate the critical 178,000-180,000 resistance zone and closed at 176,591.8, down 254.6 points. Market breadth stayed negative, with only 37 shares advancing against 61 decliners.

OGDC (+1.63%), Engro (+1.28%) and Sazgar Engineering (+7.29%) contributed the bulk of the limited upside, while UBL (-1.26%), Hub Power (-1.21%) and Bank AL Habib (-1.36%) exerted the heaviest drag on the index.

Bloomberg raised its outlook for Pakistan’s potential growth to 3.9% in fiscal 2030 from 3.4% in the year ended June 2026, projecting a peak of 4.6% by fiscal 2038. Among corporate developments, Nishat Mills announced its exit from the joint-venture investment in Nishat Sutas Dairy Limited, citing adverse market and regulatory conditions weighing on the dairy sector’s financial health.

Regular market turnover reached 665.2 million shares worth Rs30.8 billion. “Technical pressure remains skewed to the downside for as long as the benchmark stays capped below the 178k-180k resistance band,” AHL said.

Topline Securities, in its market review, stated that the KSE-100 closed down by 255 points (-0.14%), following a highly volatile trading session. The index initially surged by more than 1,400 points but failed to sustain its gains, reaching the intra-day high of 178,291 before retreating to the low of 176,157.

Selling pressure remained concentrated in key heavyweight stocks, while selective buying in the oil & gas exploration sector provided some support. The sharp intra-day reversal reflected continued investor caution following the recent market correction.

Sentiment remained subdued amid renewed geopolitical uncertainty and elevated international oil prices, which prompted investors to reduce exposure across major sectors. On the negative side, UBL, Hubco, Bank AL Habib, HBL, and Fatima Fertiliser were the major drags, collectively shaving approximately 458 points off the benchmark index.

Conversely, OGDC, Engro Holdings, and Sazgar Engineering were among the key positive contributors, collectively adding 321 points to the index. Market participation was modest, with total traded volumes reaching 665 million shares, while the traded value stood at Rs30.8 billion.

The overall market turnover of 665.19 million shares was lower than the previous session’s tally of 787.89 million.

In the ready market, shares of 492 companies were traded. Of these, 144 stocks closed higher, 312 fell, and 36 remained unchanged.

Cnergyico Pk was the volume leader with trading in 221 million shares, losing Rs0.82 to close at Rs13.19. It was followed by First National Equities with 25 million shares, remaining unchanged at Rs1.17, and Globe Residency with 18.8 million shares, gaining Rs0.09 to close at Rs22.99. Foreign investors bought shares worth Rs582.7 million, the National Clearing Company reported.