PSX dips on sell-off, geopolitical concerns | The Express Tribune

The Pakistan Stock Exchange (PSX) closed Friday’s session on a bearish note, with the KSE-100 index falling over 1,430 points to settle at almost 163,100.

Persistent profit-taking and heightened geopolitical tensions weighed on investor sentiment, as reports surfaced of alleged strikes by Pakistan’s armed forces targeting a TTP leader in Afghanistan.

Market activity remained volatile, with 1.40 billion shares traded, valuing at Rs47.79 billion. Major laggards included Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, collectively dragging the index down by 732 points.

According to Arif Habib Limited (AHL), the benchmark index posted losses in every session this week, down 3.49% week-on-week, amid weak investor confidence.

On the macro front, the inflation measured by the Sensitive Price Indicator (SPI) rose 4.34% year-on-year (YoY), while car sales increased 20% month-on-month (MoM) in September. Analysts now eye key support between 160,000 and 162,000 and resistance near 167,000.

Out of the actively traded stocks, AHL said, 18 advanced while 81 declined, with Fauji Fertiliser Company (+1.24%), Maple Leaf Cement (+2.84%) and Askari Bank (+3.27%) contributing the most to index gains. In contrast, Engro Holdings (-2.88%), Systems Ltd (-3.21%) and MCB Bank (-2.32%) were the major drags.

Geopolitically, tensions flared as Afghanistan’s Taliban government accused Pakistan of bombing a civilian market in Paktika province. Technically, the benchmark index has now fallen 4.5% from its early October peak, with the next support seen around 160,000-162,000 and resistance near 167,000, AHL added.

At the close of trading, the benchmark KSE-100 index declined by 1,432.62 points, or 0.87%, and settled at 163,098.19.

Topline Securities, in its market review, highlighted that the KSE-100 extended losses, as the index declined 0.87%. “This pressure can be attributed to alleged strikes by Pakistan’s armed forces on the leader of the banned terror outfit Tehreek-e-Taliban Pakistan (TTP) in Afghanistan,” wrote Topline.

Top negative contribution to the index came from Engro Holdings, Systems Ltd, MCB Bank, HBL and Engro Fertilisers, as they erased 732 points. Traded value-wise, PTCL (Rs3.1 billion), The Bank of Punjab (Rs2.96 billion), PSO (Rs2.89 billion), NBP (Rs2.77 billion) and Hubco (Rs1.85 billion) dominated trading activity, it added.

Ismail Iqbal Securities mentioned that the KSE-100 index closed on a negative note, exhibiting immense volatility throughout the session as profit-taking persisted amid the absence of any major fresh triggers.

Commercial banks, oil & gas exploration companies and technology & communication sectors were the major laggards in Friday’s session, cumulatively shedding 784 points from the index, it said.

Overall trading volumes were recorded at 1.40 billion shares compared with the previous session’s tally of 1.57 billion. The value of shares traded during the day was Rs47.79 billion.

Shares of 479 companies were traded. Of these, 145 stocks closed higher, 302 fell and 32 remained unchanged.

K-Electric was the volume leader with trading in 199.99 million shares, gaining Rs0.21 to close at Rs7.13. It was followed by WorldCall Telecom with 143.93 million shares, losing Rs0.04 to close at Rs1.73 and The Bank of Punjab with 90.24 million shares, losing Rs0.80 to close at Rs32.07.

During the day, foreign investors sold shares worth Rs720.4 million, the National Clearing Company of Pakistan reported.