PSX falls over 1,600 points as selling pressure grips key sectors

Persistent selling in banking, energy, and cement stocks kept KSE-100 index deep in losses

KARACHI:

Low market optimism, coupled with rollover headwinds, kept investors on the defensive, as the Pakistan Stock Exchange (PSX) logged its third consecutive decline this week on Wednesday amid heavy selling pressure.

Trading began on a tentative note, with the index briefly climbing to an intra-day high of 168,191.65. However, the early recovery proved fragile. As the session progressed, persistent selling resurfaced, keeping the market confined within a narrow range through late morning.

Pressure intensified around midday as investors trimmed positions amid rollover-related adjustments. The index subsequently slipped to an intra-day low of 164,229.36, reflecting broad-based weakness across key sectors such as banks, cement, oil & gas, and industrial holdings.

The benchmark KSE-100 index endured a volatile session, ultimately plunging 1,632.25 points, or 0.98%, to close at 164,626.29.

Market participants cited subdued risk appetite and contract rollover dynamics as primary drivers behind the day’s downward trajectory, with sentiment remaining cautious heading into the next session.

Topline Securities wrote that the KSE-100 index closed the session at 164,626 points, posting a decline of 1,632 points amid sustained market volatility. During the day, the benchmark traded within a range of 168,191 to 164,229 points, primarily impacted by weak investor sentiment and futures rollover pressure.

Index-heavy constituents—including United Bank, Engro Holdings, Pakistan Petroleum, Lucky Cement, and DG Khan Cement—emerged as key laggards, collectively dragging the index down by 928 points, Topline added.

Shares of 483 companies were traded. Of these, 143 stocks closed higher, 278 fell, and 62 remained unchanged. K-Electric continued to top the chart with trading in 99.8 million shares, rising Rs0.14 to close at Rs7.71.