KARACHI: Selling pressure gripped the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index plunged by more than 1,500 points amid widespread profit-taking.
The market, which opened on a positive note, quickly lost momentum and remained volatile throughout the session. The benchmark index swung between an intraday high of 163,384.95 points and a low of 161,159.26 points, eventually closing at 161,281.77, down 1,521.39 points or 0.93%.
According to a report from Topline Securities, “After two consecutive sessions of strong gains, the local bourse witnessed renewed bearish sentiment as investors opted for profit-taking.”
Blue-chip companies, including ENGRO, MARI Petroleum, Bank AL Habib Limited (BAHL), MCB Bank, and TRG Pakistan, led the decline, collectively wiping out 543 points from the benchmark index.
In a key macroeconomic development, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial ruled out the implementation of any new taxation measures despite a revenue shortfall of Rs 275 billion recorded during the first four months (July–October) of fiscal year 2025–26.
On Monday, PSX had posted a strong performance, gaining 1,171.42 points (0.72%) to close at 162,803.16, supported by improving investor sentiment and regional optimism following the Pakistan–Afghanistan ceasefire.
Global Market Context
Internationally, Asian and global stock markets displayed mixed trends. Japan’s Nikkei and Taiwan’s TAIEX indices surged to record highs on Tuesday, driven by gains in tech shares. However, most other regional markets retreated after recent rallies.
The rise in tech shares also buoyed the US S&P 500 and Nasdaq, although futures indicated mild declines. Meanwhile, Australia’s stock benchmark hit a one-month low ahead of its central bank’s policy decision.
Currency and Trading Volume
The Pakistani rupee showed minor improvement against the US dollar, closing at PKR 280.87, appreciating by Re0.03 in the inter-bank market.
Trading activity slowed, with the all-share index volume declining to 899.41 million shares from 949.36 million in the previous session. The value of shares traded also fell to Rs37.31 billion from Rs47.58 billion a day earlier.
WorldCall Telecom led trading with 78.87 million shares, followed by Telecard Limited (76.86 million) and K-Electric Ltd (71.62 million).
Out of 479 companies traded, 133 advanced, 314 declined, and 32 remained unchanged.
