Choppy session ends deep in the red amid global jitters

KARACHI: The local bourse witnessed a choppy trading session today, mirroring weakness across international equity markets as escalating geopolitical tensions dampened investor sentiment.

The benchmark index remained under pressure throughout the session, plunging to an intraday low of 2,046 points before settling at 168,953 level, down 1,525 points or 0.89%.

The negative momentum largely tracked global market trends amid heightened geopolitical uncertainty, driven by violations of the ceasefire and renewed attacks, which reignited concerns across financial markets and kept investor risk appetite subdued.

On the index contribution front, heavyweight stocks remained under pressure, with UBL, ENGROH, FFC, HBL, HUBC, and PPL collectively eroding approximately 561 points from the benchmark index.

Market participation declined compared to the previous session, with total traded volume clocking in at 657 million shares, while traded value stood at PKR 22.5 billion. TPLP emerged as the volume leader, with 60 million shares changing hands during the session.

More heading, PSX under pressure as index closes down 0.41%

Earlier, a range-bound trading session was observed at the exchange, with the index fluctuating within a narrow band before closing at 170,479 points, down 0.41%.

The cautious market activity was largely driven by limited progress in US-Iran peace negotiations this week.

Meanwhile, renewed tensions in the region persisted as clashes continued despite the fragile ceasefire established in April, while ongoing hostilities in Lebanon further weighed on investor sentiment.

Top positive contribution to the index came from PSX, JVDC, KTML, MTL and NPL, as they cumulatively contributed 138 points to the index, on the other hand UBL, OGDC, PPL, MCB and MEBL, lost value to weigh down on the index by 476 points