A stockbroker reacts while monitoring the market on the electronic board showing share prices during the trading session at the Pakistan Stock Exchange in Karachi on July 3, 2023. Photo: Reuters/File
The Pakistan Stock Exchange (PSX) witnessed a sharp decline on Tuesday as initial gains were wiped out by heavy profit-taking and weak investor sentiment, pushing the benchmark index into the red.
After opening on a positive note, the KSE-100 index rose to an intraday high of 163,380.67 points. However, the momentum quickly reversed in the second half, as investors took 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 investors’ lingering unease. The benchmark index briefly fell below the 160,000-point mark amid sustained selling pressure and a lack of positive triggers.
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Market participants attributed the slowdown to declining confidence, macroeconomic uncertainty and caution ahead of corporate earnings following recent policy announcements.
Arif Habib Limited (AHL) noted that the bearish spell persisted with the fifth consecutive lower close and an intraday break of the 160,000 level. Only 19 scrips gained while 79 fell, with Lucky Cement (+1.67%), Pakistan Services (+1.69%) and Service 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 posted its highest-ever consolidated quarterly profit after tax (PAT) of Rs 21.9 billion (+23% YoY), translating into earnings per share (EPS) of Rs 15.01 for 1QFY26.
Read more: PSX falls 0.3% as sales offset 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 Rs 51 per share. Pakistan State Oil (+0.65%) announced 1QFY26 earnings per share (EPS) of Rs 20.0, up 136% year-on-year.
AHL warned that Tuesday’s declines erased all gains made since mid-October, and warned that “after a bounce, October lows will likely be threatened.”
Overall market participation improved, with 1.01 billion shares traded, up from 1 billion on Monday. The traded value stood at Rs 36.94 billion.
Of 476 active bonds, 113 advanced, 324 declined and 39 remained unchanged. K-Electric led the volume chart with 94.6 million shares, losing Rs 0.54 to close at Rs 5.27.
