Reko Diq review, Islamabad blast trigger panic selling; KSE-100 Index closes at 184,130 points
KARACHI:
The Pakistan Stock Exchange (PSX) suffered its recent sharpest single-day drop in weeks on Friday, with the benchmark KSE-100 Index plunging over 3,700 points to close at over 184,100.
The PSX came under heavy selling pressure today, with the KSE-100 Index declining by 3,703 points (-1.97%) to close at 184,130.
“Investor sentiment weakened amid a deteriorating security situation in Balochistan, where Barrick Mining announced a comprehensive review of capital allocation, security arrangements, development timeline, and budget for the Reko Diq project,” said Ali Najib, deputy head of trading at Arif Habib Ltd.
Additionally, a blast in Islamabad during Friday prayers further exacerbated already fragile market confidence.
On the corporate front, Gillette Pakistan saw strong buying interest after its majority shareholder accepted the proposed PSX buy-back price of Rs700 per share. The stock hit its upper circuit and closed at Rs617.02, up 10%.
Index heavyweights, including NBP, FFC, PPL, UBL, MEBL, HUBC, OGDC, ENGROH, BAHL, and LUCK, collectively shaved 2,304 points off the index.
Despite the sell-off, market activity remained robust, with volumes at 1,266.2 million shares and turnover of Rs60.2 billion. KEL led volumes with 517.8m shares traded, reflecting continued retail participation.
PSX ended the week on a flattish note, with the KSE-100 Index marginally down 45 points (-0.02%).
The index opened at 184,442, touched an intra-week high of 188,312, slid to a low of 182,792, and closed at 184,130.
