The Pakistan Stock Exchange (PSX) ended the final trading session of the week in negative territory on Friday, as late-session selling erased early gains and pulled the benchmark KSE-100 Index down by more than 550 points.
The market opened on a positive footing, lifting the index to an intra-day high of 172,674.65. Momentum, however, weakened toward the close as investors booked profits in select stocks, pushing the index to an intra-day low of 171,149.07.
At close, the KSE-100 Index settled at 171,404.48, down 556.16 points, or 0.32%, from the previous session.
On the corporate front, Rafhan Maize Products Company Limited disclosed that it had received a firm intention from Nishat Group–linked entities and members of the Mansha family to acquire control and up to 75.69% of its voting shares yesterday.
The decline followed a strong session on Thursday, when the PSX touched a new all-time closing high after the benchmark index gained 1,646.79 points, or 0.97%, supported by falling Pakistan Investment Bond yields, improving macroeconomic indicators, and increased merger and acquisition activity.
