PSX edges up 120 points as profit-taking caps early gains
The Pakistan Stock Exchange's benchmark KSE-100 index closed 120.30 points, or 0.07%, higher at 168,580.41 on Wednesday, after a session in which profit-taking erased most of the morning's gains. The index touched an intra-day high of 169,271.99 and a low of 168,065.87, according to the session data. Overall trading volumes rose to 586.9 million shares from Tuesday's tally of 432 million.
Market sentiment was influenced by hopes of talks between the government and PTI, although the opposition party had so far described the prime minister's proposal as merely an offer and called for a formal approach to its parliamentary leaders. Sector-wise, oil & gas and fertiliser came under pressure while technology stocks lent support. Mari Energies, Meezan Bank and Lucky Cement closed negative, whereas UBL, Systems, Pakistan State Oil and PTCL ended in the black.
KASB KTrade equity trader Ahmed Sheraz said the index closed marginally higher in a mixed and cautious session with 244 million shares traded. "The muted index performance reflected a lack of clear direction despite healthy market activity," he said. Sheraz added that elevated oil prices are the key overhang, with Brent trading between $101 and $103 a barrel, raising concerns for Pakistan as an oil-importing economy. Prolonged uncertainty around the Strait of Hormuz could keep volatility high, he said, while a relatively cooler domestic political environment offers some relief as government-opposition talks appear to be happening again.
Arif Habib Limited Deputy Head of Trading Ali Najib described the session as a consolidation, noting the market initially carried forward Tuesday's positive momentum before profit-taking emerged at higher levels, particularly around the 169k mark. UBL, Systems, PSO, PTCL and K-Electric added 301 points to the index, while Mari, Meezan Bank, Lucky Cement, Hub Power and OGDC erased 187 points, he said. Najib added that the KSE-100 may sustain its recovery if oil prices remain subdued and Middle East risks ease, though geopolitical uncertainty may keep volatility elevated, with 170k remaining the key psychological level and focus on oil prices and institutional flows.
The session also tracked global developments, with Brent crude rising above $100 a barrel amid continuing Middle East supply risks and a storm heading towards oil-producing regions in the United States.
