“This decline marks the end of a five-week winning streak, with the index losing 5,892 points (-3.49%) for the week,” noted Ali Najib, Deputy Head of Trading at Arif Habib Ltd.
During the trading session, the benchmark index witnessed significant volatility, plunging over 2,000 points to 162,411 before staging a swift rebound. However, profit-taking in the final stretch dragged it down to close at 163,098. Heavyweights across key sectors, including banking, power, and oil & gas, ended in the red.
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Despite the decline, market participation remained robust, with total volumes at 1.39 billion shares and traded value clocking in at Rs47.7 billion. K-Electric dominated activity, topping the volume charts with almost 200 million shares.
In other news, two landmark MoUs were signed, marking key strides in K-Electric’s ownership transition and future collaboration. Geopolitical tensions flared as Afghanistan accused Pakistan of airspace violation, while domestic indicators showed mixed signals, with weekly inflation edging slightly higher and car sales surging 20% month-over-month.
Technical indicators suggest near-term support lies in the 160,000–162,000 zone, while resistance is expected around 167,000, marking a crucial test for sentiment in the coming weeks.