The Pakistan Stock Exchange (PSX) extended its losing streak for a third consecutive session on Wednesday, with the benchmark KSE-100 index witnessing sharp fluctuations throughout the day.
Trading opened on a positive note, taking the index to a high of 166,947.19 for the day. However, selling pressure increased later, dragging the index to a low of 165,109.84. At the end, the KSE-100 index had fallen 907 points, or 0.55%, to settle at 165,266.75.
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Ktrade Securities equity trader Ahmed Sheraz said the decline was driven by investor concerns after the State Bank of Pakistan indicated that a policy rate cut is unlikely at the upcoming Monetary Policy Committee (MPC) meeting. “This concern is further compounded by increased scrutiny by the International Monetary Fund as part of its ongoing review,” he added.
Heavyweight stocks like United Bank, Fauji Fertilizer, Lucky Cement and Mari Energies weighed on the index, while Tech Stock Systems Limited (SYS) and Bank Alfalah provided some respite.
Market activity remained strong. “Market direction is expected to remain closely linked to geopolitical developments and the outcome of the ongoing IMF review, both of which will play a critical role in shaping investor sentiment,” Sheraz noted.
Arif Habib Limited (AHL) noted that the market’s failure to recover 167,200 points on Wednesday sets the next area of interest between 163,800 and 164,200 points.
Read more: PSX plunges more than 1,200 points into profit-taking
A total of 33 stocks rose, 67 fell, with Systems (+6.11%), Alfalah Bank (+4.04%) and MCB Bank (+1.27%) contributing the most to the gains. On the other hand, United Bank (-3.3%), Fauji fertilizer (-1.48%) and Lucky cement (-2.67%) were the biggest drags.
Meanwhile, Pakistan Bureau of Statistics (PBS) reported that Pakistan’s GDP expanded 3.04% in FY2015, while the government projects a growth of 4.2% for FY26.
Trading volumes surpassed up to 1.27 billion shares from 1.266 billion on Tuesday, with a total value of Rs61.1 billion. Shares of 484 companies changed hands, with 148 closing higher, 297 lower and 39 remaining unchanged.
PTCL led the volume chart, trading 114.4 million shares, gaining Rs2.23 to close at Rs33.37.
