PSX ends winning streak as profit-taking hits key sectors

The Pakistan Stock Exchange's benchmark index closed lower Friday, halting a six-day winning streak, as profit-taking and selling pressure overshadowed early gains.

The session saw an initial increase of up to 600 points but failed to maintain momentum, analysts said.

Key sectors including commercial banks, fertilizers, and cement contributed significantly to the decline, collectively shedding 403 points from the index, according to analysts at Ismail Iqbal Securities.

"Range-bound activity marked the day," said an analyst from Topline Securities. Major players such as Fauji Fertilizer, Hubco, Lucky Cement, Mari Energies, and United Bank experienced losses, further weighing down on the index.

KSE-100 index shed 0.28% or 327.60 points to close at 118,442.18 points.

Currency

US dollar steadied against PKR in the inter-bank market. Pakistani currency lost 3 paisas to close at 280.26. In the open market USD was trading at PKR 282.

Indian Stocks

Indian stocks rose on Friday as foreign institutional investors returned, attracted by low valuations and signs of economic recovery. Foreign investors bought shares in two of the last three sessions but have been net sellers this year, offloading nearly $29 billion since late September's peak.

Markets now await the Reserve Bank of India's April 5 policy decision, with expectations of another rate cut amid slowing growth and low inflation.

BSE-100 index gained 0.76% or 184.61 points to close at 24,440.49 points.

DFM General Index shed 0.99% or 50.57 points to close at 5,080.79 points.

Crude Oil

Oil prices remained steady, driven by geopolitical risks and supply concerns. The U.S. imposed new Iran-related sanctions on Thursday, targeting entities such as a Chinese refinery and vessels supplying crude oil.

These actions heightened tensions in the Middle East, offsetting the dollar's strength. Iran produces over 3 million barrels of crude oil daily.

Brent crude prices decreased by 0.33% to $71.76 per barrel.

Gold Prices

Gold prices dipped on Friday but stayed near record highs due to a weakening dollar, rising U.S. federal debt concerns, and heightened geopolitical tensions.

The Israel-Hamas conflict and U.S.-China economic dispute have boosted gold's appeal as a safe haven for investors.

International gold prices declined 0.18% to close at $ 3,031.36 per ounce. In the local market, gold prices stand at PKR 318,800 per tola.