A stockbroker reacts as he monitors the market on the electronic board showing stock prices during the trading session at the Pakistan Stock Exchange in Karachi on 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 sentiment, 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, momentum quickly reversed in the second half of the year as investors booked profits from recent rallies. 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 decline marked the fifth straight session of losses, underscoring persistent investor jitters. The benchmark briefly dipped below the 160,000-point mark due to persistent selling pressure and lack of positive triggers.
Read: Border clash rattles stocks and PSX suffers major sell-off
Market participants attributed the decline to waning confidence, macroeconomic uncertainty and caution ahead of corporate earnings following recent policy announcements.
Arif Habib Limited (AHL) noted that the bearish spell continued with the fifth straight down close and a break of the 160,000 level during the day. Only 19 scrips gained while 79 declined, with Lucky Cement (+1.67%), Pakistan Services (+1.69%) and Service Industries (+1.69%) providing the biggest support.
On the back side, Hub Power (-2.18%), Meezan Bank (-1.82%) and Habib Bank (-1.9%) were the biggest moves 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), which translated to an EPS of Rs 15.01 for 1QFY26.
Read more: PSX falls 0.3% as selling offsets early gains
Indus Motor Company (+0.92%) also posted a record PAT of Rs 6.72 billion (EPS: Rs 85.49, +32% YoY) along with a record quarterly dividend of Rs51 per share. Pakistan State Oil (+0.65%) announced 1QFY26 EPS of Rs20.0, up 136% YoY.
The AHL warned that Tuesday’s drop wiped out any gains made since mid-October and warned that “after a rebound, the October lows are likely to be threatened.”
Total market participation improved, with 1.01 billion shares traded, up from 1.0 billion on Monday. The traded value was Rs 36.94 billion.
Out of 476 active scripts, 113 advanced, 324 declined and 39 remained unchanged. K-Electric led the volume chart with 94.6 million shares and lost Rs 0.54 to close at Rs 5.27.
