Selling pressure continued at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index dropping 481.41 points, or 0.3%, to close at 159,096.78.
The market opened positively but faced selling pressure around midday, leading to a broad-based pullback before a slight recovery in the latter part of the session. According to Topline Securities, the market remained lackluster due to the absence of any major news or market drivers, leading investors to adopt a cautious approach.
Losses were mainly driven by UBL, MEBL, OGDC, MLCF, and ENGROH, which collectively contributed to a 285-point decline in the index. On the other hand, stocks such as PSEL, COLG, HUBC, AKBL, and PTC lent some support, adding 236 points to the benchmark.
The PSX had experienced a sharp downturn on Wednesday, with the KSE-100 Index losing 1,703.58 points, or 1.06%, to close at 159,578.19, driven by brackly news-taking and the lack of new market triggers.
In the currency market, the Pakistani rupee saw a slight improvement, gaining Re0.01 to close at 280.85 against the US dollar.
Volume on the all-share index rose to 957.30 million shares, compared to 860.26 million in the previous session, while the value of shares traded declined to Rs30.45 billion from Rs34.85 billion.
Bank Makramah was the volume leader with 93.02 million shares, followed by Pak Int. Bulk (74.44 million shares) and K-Electric Ltd (58.33 million shares). A total of 476 companies were traded, with 199 seeing gains, 230 recording losses, and 47 remaining unchanged.
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