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Early gains evaporate as PSX succumbs to late selling | The Express Tribune
Trading at the Pakistan Stock Exchange (PSX) remained range-bound as cautious investor behaviour kept volatility elevated throughout the session. The benchmark KSE-100 index closed at 170,830.22, registering a decline of 243.51 points, or 0.14%.
Despite the subdued close, the index oscillated within a broad range, touching an intraday high of 171,587.32 and a low of 170,641.13, reflecting uncertainty over near-term direction.
Earlier in the day, sentiment appeared constructive, with the market gaining more than 300 points during the opening hours on the back of selective buying. Investors showed interest in heavyweight sectors, particularly commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies, and refineries, which helped drive the early upside. However, profit-taking at higher levels erased most of these gains as the session progressed.
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•KSE-100: Pullers & Draggers
•KMI-30: Pullers & Draggers pic.twitter.com/LwjJDRatIF— PSX (@pakstockexgltd) December 24, 2025
Overall market mood stayed guarded, with participants preferring a wait-and-see approach amid ongoing volatility. On the corporate front, attention remained on developments following the completion of the PIA bidding process yesterday, which added to event-driven interest but failed to provide sustained momentum to the broader market.
KTrade Securities observed that PSX witnessed another range-bound session amid relatively low volumes in the regular market. The KSE-100 index declined by 243 points (-0.14%) day-on-day to close at 170,830 points.
Sector-wise, cement stocks remained under pressure, while fertiliser and oil & gas sectors provided a positive contribution to the index. Among major names, selling pressure was observed in Lucky Cement, Engro Holdings, Kohat Cement and Systems Limited, whereas selective buying interest emerged in Pakistan Telecommunication, Fauji Fertiliser, Oil & Gas Development Company, Pakistan Petroleum, and Bank of Punjab.
Read: Pakistan shifts from stabilisation to export-led growth, says finance minister
Despite the marginal decline, overall market participation stayed healthy. Looking ahead, KTrade believes the broader market outlook will remain constructive, supported by improving macroeconomic conditions following the SBP’s policy rate cut.
Overall trading volume increased to 811.5 million against Tuesday’s tally of 650.1 million. Value of traded shares stood at Rs 29.7 billion. Shares of 481 companies were traded. Of these, 171 closed higher, 264 declined and 46 remained unchanged. Pakistan International Bulk Terminal was the volume leader with trading in 62.2 million shares, rising Rs 0.61 to close at 18.25.
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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Consumer confidence has fallen for the third consecutive month amid household “jitters” over rapid price rises, figures show.
GfK’s long-running consumer confidence index fell four points to minus 25 in April, following falls of two points and three points in March and February respectively.
The deepening concern was driven by perceptions of the UK economy, with a six-point slide in confidence for the next 12 months to minus 43, its lowest level since February 2023.
Confidence in personal finances over the coming year fell five points to minus four – one point lower than this time last year.
The major purchase index – an indicator of confidence in buying big ticket items – held steady, albeit at minus 18 but one point better than last April.
The only measure to improve was the savings index – often an indication that households are concerned about their finances and looking to build contingency funds – which is up five points to 32.
Neil Bellamy, consumer insights director at GfK, said: “Consumers really do have the jitters now.
“It is a year since we last saw a monthly drop of this size, and we have to go back to October 2023 to find the last time consumer confidence was lower.
“Everyone is grappling with rapid price rises, especially at the fuel pumps, which are taking a dent out of household budgets, and people know further price hikes are coming.
“Consumer confidence is deteriorating sharply, with fuel prices and threats of more energy price increases acting as constant reminders of inflation.
“While the Gulf crisis is intensifying pressures, much of the current strain reflects earlier domestic cost increases.
“How long can all this disruption and pain continue?”
People walk past a Nike store in New York City, on April 2, 2025.
Kylie Cooper | Reuters
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.
In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.
“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”
A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.
“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”
Affected employees will be notified beginning Thursday, Nike added.
CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.
Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”
Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.
In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.
— CNBC’s Jessica Golden contributed to this report.
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