KARACHI: The Pakistan Stock Exchange (PSX) opened Thursday’s session on a bearish note, with the benchmark KSE-100 index plunging 1,103 points, or 0.70 per cent, to 157,210.09 by 10:10am.
The broader indices followed suit, with the All-Share Index down 554 points (0.59pc), and the KSE-30 shedding 314 points (0.66pc), reflecting widespread selling pressure across the board.
Trading activity remained brisk, with over 93.4 million shares changing hands in 58,697 transactions, generating a turnover of Rs.4.74 billion. However, market breadth turned negative, with 265 symbols declining, only 131 advancing, and 171 remaining unchanged out of a total of 567.
The automobile assembler sector, which had shown resilience earlier in the week, faced a sharp reversal. Sazgar Engineering led the losses, falling Rs.23.33 to Rs.1,735 on heavy volume of over 64,000 shares. Ghandhara Industries dropped Rs.11.1 to Rs.704, while Atlas Honda Ltd and Honda Atlas Cars also posted declines. Dewan Motors, despite being actively traded, slipped Rs.0.28 to Rs.16.3.
Indus Motor Company edged down Rs.2.04 to Rs1,836, while Ghandhara Automobile lost Rs.3.85. Hinopak Motors and Millat Tractors remained relatively stable, with the latter unchanged at Rs.497.
The mood at the PSX this morning is markedly different from yesterday’s bullish euphoria. Traders who were buoyed by Wednesday’s surge are now recalibrating their positions amid profit-taking and cautious sentiment. The sharp reversal in the advance–decline ratio — from 6:1 in favour of gainers yesterday to nearly 2:1 in favour of decliners today — signals a volatile market environment.
While Wednesday’s rally was broad-based and driven by optimism, today’s sell-off suggests investors are reacting to macroeconomic cues, possibly including currency fluctuations or policy uncertainty. The auto sector’s retreat, especially in high-volume counters like Sazgar and Ghandhara, reflects sector-specific concerns such as cost pressures and demand softness.
Despite the dip, some analysts on the floor remain optimistic, viewing this correction as a healthy breather in an otherwise upward-trending market. “The fundamentals haven’t changed overnight,” one broker noted. “This is just the market catching its breath.”
