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PSX lacks direction as investors weigh rollover week | The Express Tribune
KSE-100 index slips 130 points amid subdued trading ahead of 75% PIA stake bidding
Trading at the Pakistan Stock Exchange (PSX) moved cautiously on Tuesday, caught in a quiet rhythm as investors weighed rollover week adjustments and awaited clearer market signals ahead of bidding for Pakistan International Airlines’ (PIA) privatisation.
The session kicked off on a subtle note, lacking fresh energy, causing the market to drift cautiously.
As the day progressed, the KSE-100 index showed a brief spark early on, but buying interest quickly faded as investors chose to remain defensive. Light selling emerged after midday, nudging the index slightly lower, though no significant pressure was felt. A mild recovery towards the close helped stabilise the market.
Today, 60% of the total equity value traded at PSX was in Shariah-compliant stocks!
Learn about the top 3 Shariah Compliant Stocks in today’s PSX Market Breakdown pic.twitter.com/c1tk9XGDUw
— PSX (@pakstockexgltd) December 23, 2025
Movement stayed restricted, with the index hovering between 171,867.32 and 170,968.31 throughout the session. Interest around the PIA privatisation process kept select stocks in focus, but the absence of any immediate positivity from the sealed bids for 75% of the airline’s stake kept the momentum muted.
Subsequently, the benchmark index finished at 171,073.73, slipping 130.44 points, or 0.08%.
KTrade Securities observed that stocks remained range-bound for another session as subdued volumes in the regular counter kept market movement muted. The KSE-100 index closed marginally lower by 130 points (-0.08%) day-on-day at 171,073.
Selling pressure was largely seen in heavyweight stocks such as Engro Holdings, Fauji Fertiliser, Systems Limited, Lucky Cement, Oil & Gas Development Company, and Pakistan State Oil, which weighed on index performance; it added.
Read: SBP urged to rethink banking for high-tech growth
On the other hand, selective buying interest in Habib Bank Limited, Kohat Cement, United Bank, Pakistan Telecommunication, and Dolmen City REIT provided some support and helped limit the downside.
Market participation stayed healthy, with all-share volumes reaching 648 million shares, indicating adequate liquidity and sustained investor interest. Looking ahead, the broader market outlook remains constructive on the back of improving macroeconomic conditions following the State Bank of Pakistan’s policy rate cut. However, KTrade expects the rollover activity amid a shortened trading week to keep sentiment cautious in the near term.
Overall trading volume decreased to 650.1 million against Monday’s tally of 684.5 million. Value of traded shares stood at Rs28.2 billion. Shares of 481 companies were traded. Of these, 151 closed higher, 287 fell, and 43 remained unchanged. PIA Holding was the volume leader with trading in 45 million shares, losing Rs2.95 to close at Rs37.62.
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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