Overview

• After rising to an intraday peak near 166,865, the benchmark reversed sharply to finish at 164,444–164,445, down about 1,241–1,242 points on Thursday.
• Turnover hit a PSX record at 3.08 billion shares with Rs50.6 billion in value, led by K-Electric’s all-time high 1.02 billion shares traded.
• Fertiliser, technology and banking names drove the pullback, with Engro, Systems Ltd and FFC among major drags, while Habib Metropolitan Bank, UBL and Hubco offered limited support.
• Early strength was linked to a brief Pakistan–Afghanistan ceasefire and recent optimism from a staff-level IMF deal and strong corporate results, including UBL’s outsized earnings and dividend.
• Foreign investors were net sellers for a second session (about Rs1.1 billion on Thursday after Rs1.6 billion on Wednesday), and analysts see a cautious, range-bound market near 165,000–170,000 as traders await fresh cues.