The bourse traded lower on Friday as investors continued to lock in gains amid a cautious tone ahead of rollover week and lingering macro uncertainty.
“Profit taking and some results have been lower than expectations,” said Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company.
During the session, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to an intraday high of 165,025.85 points, up 435.44 points, or 0.26%, from the previous close of 164,590.41 points, and retreated to a low of 163,041.97 points, reflecting a decline of 1,548.44 points, or -0.94%.
Investor sentiment was weighed down by state-owned enterprises’ (SOE) losses, coupled with weak oil and global equities, with caution compounded by worries over a potential US government shutdown and tariff risks
“Stocks under pressure amid economic uncertainty, SOEs’ losses. Surging inflation, flood losses impacted the sentiments, said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities.
“Weak global crude oil prices and weak global equities amid fears over the outcome of the US Govt shutdown, US tariffs played a catalyst role in bearish activity at PSX,” he added.
Meanwhile, the State Bank of Pakistan (SBP) reported on Thursday that the country’s foreign exchange reserves increased by $14 million to $14.46 billion during the week ending October 17.
Total liquid foreign reserves rose by $43 million to $19.854 billion, while reserves of commercial banks also increased by $29 million to $5.398 billion. The SBP attributed the steady rise to strong remittances, improved current account performance, and continued dollar purchases from the interbank market.
On Thursday, the KSE-100 Index declined sharply by 1,962.87 points, or 1.18%, to close at 164,590.41 points from 166,553.28 points recorded in the previous session. The day’s high and low stood at 166,720.42 points and 164,395.39 points, respectively.
