Heavy selling reversed a strong early rally, while refinery stocks remained among the session’s biggest gainers.
KARACHI: The Pakistan Stock Exchange (PSX) witnessed a highly volatile session as the benchmark KSE-100 Index surged 917 points in early trading before heavy profit-taking and selling pressure erased the gains and pushed the market into negative territory.
The benchmark opened with strong buying momentum as investors rushed into equities, driving the KSE-100 to an intraday high of 917 points.
However, the early rally failed to sustain momentum as sellers emerged later in the session. The index fell to an intraday low of 609 points from the previous close before recovering slightly towards the end of trading.
The KSE-100 ultimately closed at 181,310 points, down 119 points, or 0.07 percent, highlighting a sharp reversal in investor sentiment.
Refinery Stocks Lead Gains
The refinery sector emerged as one of the strongest-performing segments of the market despite the broader weakness.
Attock Refinery Limited (ATRL), Pakistan Refinery Limited (PRL), National Refinery Limited (NRL) and Cnergyico PK Limited (CNERGY) all closed in positive territory, outperforming the benchmark.
The strong performance of refinery stocks provided a notable bright spot during an otherwise volatile trading session, with investors continuing to identify opportunities in selected sectors.
Heavyweights Pull KSE-100 in Opposite Directions
Several major index constituents provided support to the benchmark.
PPL, ATRL, MEBL, OGDC and ENGROH collectively contributed around 573 points to the KSE-100.
However, these gains were more than offset by selling pressure in other heavyweight stocks.
HUBC, FFC, UBL, MARI and LUCK emerged as the biggest negative contributors, collectively dragging approximately 789 points from the index.
The contrasting performance of major constituents ultimately pushed the benchmark into negative territory by the close.
Trading Activity Remains Strong
Despite the sharp intraday reversal, trading activity remained robust, with around 917 million shares changing hands during the session.
The total traded value stood at approximately Rs44.8 billion, reflecting strong investor participation amid heightened volatility.
CNERGY dominated the volume chart, with nearly 173 million shares traded during the session as investors showed particularly strong interest in the refinery stock.
The session highlighted the fragile nature of the market’s recent momentum. While strong early buying pushed the KSE-100 sharply higher, subsequent profit-taking demonstrated the willingness of investors to lock in gains amid elevated market volatility.