The Pakistan Stock Exchange (PSX) experienced continued selling pressure on Friday, as investors engaged in profit-taking following a strong rally earlier in the week. The benchmark KSE-100 Index closed 1,286.28 points lower, or 0.78%, at 163,304.13 points.
The market saw negative sentiment dominate throughout the trading session, with the KSE-100 hitting an intra-day low of 163,041.97 points. The decline was attributed to mutual fund selling, profit-taking on September quarter result announcements, and the upcoming futures rollover week, according to Topline Securities’ post-market report.
The banking sector was the top contributor to the index’s drop, with UBL, BAHL, MEBL, HBL, BOP, AKBL, and BAFL collectively contributing 877 points to the loss. The pressure in the banking sector followed result announcements by several banks, including BAFL, BAHL, HBL, and MEBL, which reported lower-than-expected earnings due to higher operating expenses.
On Thursday, PSX had also experienced a significant downturn, with the KSE-100 Index losing 1,962.87 points, or 1.18%, to close at 164,590.41 points. The index remained flat on a weekly basis. The market’s retreat was attributed to mutual fund selling and profit-taking as a result of the September result announcements.
