KARACHI; The Pakistan Stock Exchange (PSX) lost ground on Thursday as profit-taking set in after a record-breaking rally, with the earnings season drawing to a close.
“The market is undergoing a much-needed correction after an extraordinary run,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “With results season nearly over, some consolidation is natural.”
The benchmark KSE-100 Index closed at 149,235.26 points, down 1,355.74 points or 0.9% from the previous day’s record finish of 150,591. During the session, the index touched an intraday high of 151,249.62 before sliding to a low of 148,272.57, reflecting volatility and sharp swings.
Meanwhile, the government raised Rs492 billion through a treasury bills auction on Wednesday, exceeding its Rs450 billion target, with yields staying largely unchanged across maturities.
On the economic front, Pakistan’s current account deficit narrowed to $254 million in July, down 27% from $348 million a year earlier, after posting a $335 million surplus in June. The State Bank’s reserves stood at $14.24 billion as of August 8.
The correction followed Wednesday’s strong performance, when the KSE-100 surged 820 points to settle above the 150,000 mark for the first time in history.
