A stockbroker reacts as he monitors the market on the electronic board displaying stock prices during a trading session at the Pakistan Stock Exchange, in Karachi, July 3, 2023. Photo: Reuters/File
The Pakistan Stock Exchange (PSX) saw a sharp decline on Tuesday as early gains were wiped out by heavy profit-taking and weak investor confidence, pushing the benchmark index deep into the red.
After opening on a positive note, the KSE-100 index climbed to an intra-day high of 163,380.67 points. However, the momentum quickly reversed in the second half as investors booked profits following recent rebounds. The index hit a low of 159,805.35 points before closing at 160,101.03, down 2,062.78 points or 1.27% from Monday’s close of 162,163.81.
Tuesday’s fall marked the fifth straight session of losses, underscoring investors’ continued unease. The benchmark index briefly fell below 160,000 points amid sustained selling pressure and a lack of positive triggers.
Read: Border clashes shake stocks and PSX suffers massive sell-off
Market participants attributed the slowdown to loss of confidence, macroeconomic uncertainty and caution over corporate earnings following recent policy announcements.
Arif Habib Limited (AHL) noted that the bearish period persisted with a fifth consecutive lower close and an intra-day breakout of the 160,000 level. Only 19 scrips gained while 79 declined, with Lucky Cement (+1.67%), Pakistan Services (+1.69%) and Services Industries (+1.69%) providing the most support.
On the other hand, Hub Power (-2.18%), Meezan Bank (-1.82%) and Habib Bank (-1.9%) were the biggest drags on the index.
In corporate results, Lucky Cement reported its highest ever quarterly consolidated profit after tax (PAT) of Rs 21.9 billion (+23% YoY), translating to EPS of Rs 15.01 for 1QFY26.
Learn more: PSX falls 0.3% as sales offset early gains
Indus Motor Company (+0.92%) also recorded a record PAT of Rs6.72 billion (EPS: Rs85.49, +32% YoY) along with a record quarterly dividend of Rs51 per share. Pakistan State Oil (+0.65%) reported EPS of Rs20.0 for 1QFY26, up 136% YoY.
AHL warned that Tuesday’s declines erased any gains made since mid-October, warning that “following a rebound, the October lows will likely be at risk.”
Overall market participation improved, with 1.01 billion shares traded, up from 1.0 billion on Monday. The value transacted stood at Rs36.94 billion.
Of 476 active scripts, 113 advanced, 324 declined, and 39 remained unchanged. K-Electric topped the volume chart with 94.6 million shares, losing Rs 0.54 to close at Rs 5.27.
