KARACHI: The Pakistan Stock Exchange (PSX) extended its bearish run on Thursday, losing ground for the third consecutive session as political uncertainty and a lack of positive triggers kept investors on edge.
The market remained subdued, with sentiment weighed down by the heated debate over the proposed constitutional amendment and the absence of fresh market-moving news.
According to Topline Securities Ltd, after swinging between an intraday high of 1,012 points and a low of 1,325 points, the KSE-100 index settled at 159,096.79 — down 481.41 points, or 0.30 per cent.
Major drag came from United Bank, Meezan Bank, Oil and Gas Development Company, Maple Leaf Cement and Engro Holdings, which together knocked 285 points off the index. In contrast, Pakistan Services, Colgate-Palmolive, Hub Power, Askari Bank and PTCL lent limited support, adding 236 points.
Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the market briefly reclaimed the 160,000 mark during intraday trade but failed to sustain gains as selling pressure intensified. “Persistent profit-taking pushed the index back below this key psychological level,” he added.
On the macro front, the Finance Ministry expects the IMF Board to meet in early December for Pakistan’s programme review approval. Meanwhile, MSCI’s latest update added Askari Bank, Bank of Punjab and Meezan Bank to its large-cap index — a development expected to enhance investor visibility in these stocks.
Separately, due to underperformance by distribution companies the power sector circular debt increased by Rs79 billion in the first quarter (July-September) of the current fiscal year to Rs1.693 trillion, which was scaled down by Rs780bn last year through capital injections and around Rs1.225tr commercial borrowing.
Trading activity improved as volume rose 11.3 per cent to 957.3 million shares, though the traded value dipped 12.6pc to Rs30.4 billion. Bank Makramah Ltd topped the volume chart with more than 93 million shares changing hands.
As the week draws to a close, analysts say the 156,733 level — the closing on Oct 30 — will serve as a key support. Holding above this level on a weekly close is vital to sustain hopes of a rebound; otherwise, the market could face fresh lows ahead.
Published in Dawn, November 7th, 2025
