The benchmark index moved between an intra-day high of 159,516.41 and a low of 157,203.55 as investors remained wary amid ongoing political and security developments.
Although the market managed to regain some lost ground, overall confidence remained fragile. Trading was largely driven by selective buying, with participants hesitant to take aggressive positions until greater stability emerges on the evolving domestic political landscape and security developments that continue to influence market direction.
KTrade Securities wrote in its market wrap that PSX saw a mixed session following yesterday’s fallout as the KSE-100 index edged up 313 points, or +0.20% day-on-day, to close at 158,183 points. The fertiliser sector took centre stage, Fauji Fertiliser in particular stood out, single-handedly driving most of the day’s gains, while the broader market remained largely subdued.
Market participation stayed lacklustre. Looking ahead, investor sentiment is likely to remain sensitive to law-and-order developments, political clarity surrounding the 27th Constitutional Amendment, and the anticipated IMF tranche release.
Besides, broader regional geopolitical currents will also play a decisive role in shaping near-term market direction, KTrade anticipated.
Arif Habib Limited (AHL) observed that intra-day gains failed to hold, with supply still heavy and not allowing the KSE-100 to regain a 160k handle.
Some 44 shares rose while 54 fell, with Fauji Fertiliser (+3.6%), Pakistan Services (+6.8%), and Pakistan Petroleum (+1.61%) contributing the most to index gains.
On the flip side, Lucky Cement (-1.46%), Habib Bank (-1.29%), and Systems Limited (-1.54%) were the biggest index drags, it said.
In major news, Pakistan plans to raise funds through dollar bonds next year after nearly five years, marking a turning point for a country that came close to default two years ago.
The weak recovery keeps the KSE-100 exposed to increased downside risk while below 161k, and declines now through 157k can open up a fresh leg to the downside.
Regional news flow will again take centre stage over the coming weeks, AHL predicted.
Overall trading volume decreased to 757.2 million shares from Tuesday’s tally of 836.4 million. The value of trade stood at Rs33.4 billion.
Shares of 480 companies were traded. Of these, 188 stocks closed higher, 235 fell, and 57 remained unchanged. First National Equities topped the chart with trading in 89.4 million shares, losing Rs1.95 to close at Rs20.66.