After another record-breaking surge on Monday, the Pakistan Stock Exchange (PSX) experienced a turbulent session on Tuesday, with the benchmark KSE-100 Index losing 1,509.61 points or 1.33%, closing at 112,414.80.
The session began on a positive note as the index hit an intra-day high of 115,036.49. However, profit-taking, and voluminous selling quickly reversed gains, dragging the index to an intra-day low of 112,294.42 before stabilising at the close.
Key sectors, including automobiles, cement, chemicals, commercial banks, oil and gas exploration companies, power generation, and refineries, faced significant selling pressure. Major stocks such as HUBCO, MARI, OGDC, PPL, PSO, SHEL, HBL, MCB, and NBP closed in the red, further weighing on the market.
Brokerage firm Topline Securities attributed the downturn to “rising leverage positions, which heightened risk perceptions and compelled investors to trim their portfolios.” Additionally, higher borrowing costs and the approaching close of December contracts amplified cautious trading behaviour.
Tuesday’s sell-off followed Monday’s extraordinary rally, where the KSE-100 Index surged over 4,400 points—the second-largest single-day gain in point terms—to settle at 113,924.41.
On the currency front, the Pakistani rupee posted a marginal gain against the US dollar, appreciating 0.04% to close at 278.47 in the inter-bank market.
Market participation remained robust, with the all-share index recording a volume of 880.60 million shares, up from 857.83 million on Monday. The total value of shares traded increased to Rs54.45 billion from Rs50.55 billion. WorldCall Telecom led the volumes with 127.41 million shares, followed by Fauji Foods Ltd with 67.13 million shares, and Sui Southern Gas with 33.56 million shares.
Out of 456 companies traded, 129 advanced, 288 declined, and 39 remained unchanged.
