KSE-100 drops steeply as bears take control of the market

In yet another volatile session, the Pakistan Stock Exchange witnessed a broad-based decline as investor caution dominated trading, pulling the benchmark KSE-100 index lower across major sectors.

The market opened on a positive note on Wedneday, briefly lifting the index, but early gains quickly faded as investors trimmed positions in the absence of fresh positive triggers. The benchmark faced persistent fluctuations throughout the day, moving within a narrow range as selling pressure intensified. By midday, the KSE-100 index hovered around 166,313.22, down 1,329.05 points or 0.79%.

Selling pressure was visible across key sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration companies, oil marketing companies (OMCs), and power generation. Throughout the day, the index oscillated between an intra-day high of 168,160.88 and a low of 166,115.17.

The market continued to exhibit persistent selling and heightened nervousness. By the close of trading, the KSE-100 index settled at 166,145.35, down 1,496.93 points or 0.89%.

According to KTrade Securities, the PSX experienced continued selling pressure following its recent strong run, which had fallen just short of the all-time high reached earlier in October.

“The KSE-100 index slipped 1,497 points (-0.89%) to close at 166,145,” it noted. “Trading remained largely range-bound, with pressure from Fauji Fertiliser, Meezan Bank, United Bank, Hub Power and Engro Holdings.” TRG, however, bucked the trend, along with Oil & Gas Development Company, Pioneer Cement and Faysal Bank.

Market participation remained firm, with All-Share volumes recorded at 591 million. Looking ahead, KTrade expects overall sentiment to stay constructive, with the IMF board meeting on December 8 and the anticipated tranche release acting as key drivers. Regional geopolitical shifts may also shape near-term momentum, it added.

Overall trading volume declined to 593 million shares from Tuesday’s tally of 775.5 million. The value of traded shares stood at Rs44.4 billion. Shares of 473 companies were traded, of which 136 closed higher, 291 declined and 46 remained unchanged. WorldCall Telecom led the volumes, with 78.7 million shares changing hands, gaining Rs0.06 to close at Rs1.86.