KARACHI: The Paki­stan Stock Exchange (PSX) ended lower on Wednesday as investors took to profit-taking, causing the benchmark KSE 100 index to snap its record-setting str­e­ak on the eve of Indepe­ndence Day.

According to data from Topline Securities Ltd, after a strong start, the local bourse struggled to maintain its early momentum. The session opened on a positive note, with the KSE 100 index rising by as much as 886 points.

Howe­ver, the gains proved short-lived as selling pressure gradually took hold, pushing the index down to an intraday low of 587 points. It ultimately closed at 146,529, a loss of 476 points or 0.32 per cent. This downturn reflected a mild spell of profit-taking rather than a significant bearish shift, following the market’s recent rally.

While the broader market struggled, certain stocks such as Lucky Cem­ent, Habib Bank, and Mee­zan Bank provided some relief. These stocks collectively contributed 269 points to the index, offering a partial offset to the overall market weakness. In contrast, heavy losses came from stocks like Fauji Fertiliser, Engro Fertiliser, Pakistan Petroleum, MCB Bank, and Habib Metropo­litan Bank Ltd, which toget­her dragged the benchma­rk index down by 488 points.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, noted that profit-taking around the psychological level of 148,000 points led to the KSE 100 index closing on a negative note. He added that investors app­e­ared to be switching pos­it­ions ahead of the 150,000 mark, which rema­ins a key resistance level.

In a key development, Moody’s upgraded Paki­stan’s long-term foreign debt rating to Caa1 from Caa2, with a stable outlook. The credit rating agency cited improvements in Pakistan’s external position and progress on IMF-supported reforms as factors behind the upgrade.

Market experts suggest that progress on resolving Pakistan’s circular debt issues could fuel further bullish momentum. Howe­ver, some consolidation or mild correction is also possible. Should the market experience a pullback, sup­p­ort is expected at 145,000, with the next level seen at 143,000. Meanwhile, the next key resistance is at 150,000.

Market participation weakened during the session, with trading volume falling by 6.44% to 647.09 million shares. The total traded value also dropped by 8.26% to Rs40.09bn. Yousuf Weaving topped the volume chart with 51.8 million shares changing hands.

Published in Dawn, August 14th, 2025