After opening on shaky ground, the market struggled to find its footing. The index swung between an intraday high of 169,379.97 and a low of 165,811.87 points a wide arc that reflected the nervous mood on the trading floor. At one point during the morning session, the index was down more than 1,000 points, only to claw back some losses by midday before slipping into the red again by the closing bell.
The slide comes against the backdrop of Pakistan launching ‘Operation Ghazab lil Haq’ following reported cross-border firing involving the Afghan Taliban a development that cast a long shadow over investor sentiment. When uncertainty knocks, markets often answer with caution, and Friday was no exception.
Despite the downturn, trading volumes remained fairly solid. More than 222 million shares changed hands, clocking in at a value of Rs18.97 billion. It was a session marked not by panic selling, but by careful repositioning a subtle yet telling difference.
Unity Foods Limited topped the volumes chart, though it bore the brunt of selling pressure, tumbling 9.96% to Rs10.67 on over 50 million shares. It was followed by First National Equities Limited, which managed to edge up 1.32% to Rs1.54, and The Bank of Punjab, slipping 0.35% to close at Rs31.70.
On the brighter side of the board, Gulistan Spinning Mills Limited emerged as the top gainer, soaring 19.42% to Rs6.15. Media Times Limited followed with an 11.04% rise to Rs6.54, while Paramount Spinning Mills Limited advanced 10.77% to Rs5.76.
On the flip side, LOADS Limited (Right) led the decliners, plunging 37.5% to Rs0.40 — a steep fall that stood out even in a weak market. Gulshan Spinning Mills Limited fell 10.21% to Rs4.22, while Escorts Investment Bank Limited slid 10.01% to Rs21.57.
In corporate developments, Engro Holdings Limited announced its fourth-quarter 2025 results, which came in stronger than market expectations, largely due to a lower-than-anticipated effective tax rate. The stock inched up 0.78% to close at Rs271.34, offering a small cushion in an otherwise bruised session.
Interestingly, Thursday had seen a strong rebound, with the index gaining over 4,266 points after several sessions of heavy selling proof that the market can turn on a dime when sentiment shifts.
Friday’s decline was not just about numbers on a screen. It was a reminder that markets move as much on mood as on math. When headlines grow tense, investors grow careful.
For now, traders appear to be taking a wait-and-watch approach trimming risk, guarding profits, and keeping their powder dry. Whether this pullback proves to be a brief pause or the start of a deeper slide will depend largely on how the geopolitical narrative unfolds in the coming days. One thing is certain, volatility is back in the driver’s seat.
