PSX Experiences Intraday Dip Amid Profit-Taking

The Pakistan Stock Exchange (PSX) encountered a wave of profit-taking on Thursday, leading to a decline in the KSE-100 Index during intraday trading, reversing earlier gains.

The stock market commenced trading optimistically, driving the benchmark index to an intraday peak of 139,867.82.

However, the emergence of selling pressure caused the KSE-100 Index to fall to 138,959.41 by 2:30 pm, marking a decrease of 294.94 points or 0.21%.

On Wednesday, the PSX faced minor headwinds as investors engaged in profit-taking activities. Market participants reassessed the robustness of the recent bullish trend, resulting in a measured pullback in prominent sectors.

The KSE-100 Index declined by 165.26 points, or 0.12%, eventually closing at 139,254.36 points.

Across the globe, Asian markets demonstrated strength, and the Australian dollar reached an eight-month high on Thursday, fueled by optimism surrounding corporate earnings and trade prospects.

Tokyo’s broad Topix index hit a record high, mirroring overnight gains on Wall Street, after a trade agreement between Japan and the US spurred anticipation of further deals to avert widespread tariffs. Following robust earnings from Google’s parent company, Alphabet, Nasdaq and S&P futures also showed gains.

The US has also forged agreements with the Philippines and Indonesia, and a deal with the European Union is anticipated.

The EU and US are nearing a trade accord that would impose 15% tariffs on some European imports while lifting duties on particular items, according to European Commission officials. Treasury Secretary Scott Bessent announced that US and Chinese officials are scheduled to meet in Stockholm the following week.

The performance of Magnificent Seven members, whose results have previously propelled indexes to peaks, is closely monitored for insights into spending and returns related to artificial intelligence (AI).

Alphabet significantly exceeded expectations, citing substantial demand for its cloud computing services as it increased its capital expenditure plans. In contrast, electric car manufacturer Tesla reported its largest quarterly sales decline in over a decade, with profits falling short of analyst projections.

MSCI’s index of Asia-Pacific shares excluding Japan rose by 0.3%. Japan’s Topix continued its surge for a second consecutive day, climbing 1.4% to surpass its previous all-time high from the prior year.

This information reflects intraday market activity.