Profit-Taking Sees PSX Lose Close to 500 Points After Recent Rally

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index witnessed bearish trend on Wednesday, losing 476 points, a negative of 0.32 percent, closing at 146,529 points against 147,005 points last trading day. Brokerage house Topline Securities highlighted that after a strong start, the market couldn’t sustain its early momentum. The session opened on a positive note, with the KSE-100 Index surging to an intraday high of 886 points. However, the gains were short-lived as bears gradually took control, dragging the index to an intraday low of 587 points before settling at 146,529. The move reflected not a deep bearish shift, but rather a mild spell of profit-taking following the recent rally, it said. Positive momentum in LUCK, HBL, and MEBL provided a combined uplift of 269 points, offering partial reprieve against broader market weakness. In contrast, significant downward pressure stemmed from FFC, EFERT, PPL, MCB, and HMB, which together shaved off 488 points from the benchmark, the brokerage house mentioned. A total of 647,094,379 shares were traded during the day as compared to 691,658,929 shares the previous trading day, whereas the price of shares stood at Rs. 40.896 billion against Rs. 44.579 billion on the last trading day. As many as 487 companies transacted their shares in the stock market, 199 of them recorded gains and 240 sustained losses, whereas the share price of 48 companies remained unchanged.