KARACHI — The Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Wednesday as the benchmark KSE-100 Index plunged by 1,505.11 points, or 1.23%, to close at 120,465.93. This marks one of the largest single-day declines in recent weeks, extending the bearish trend for a second consecutive session.
The index fluctuated within a wide intraday range of 1,487.50 points, reaching a high of 121,905.49 and a low of 120,417.99. Total volume on the KSE-100 Index stood at 122.2 million shares.
Out of 100 constituent companies, 82 closed in the red, 16 posted gains, while 2 remained unchanged. Major laggards included Pakgen Power (PKGP, -10.00%), Indus Motor (INDU, -6.04%), Punjab Oil (POML, -4.81%), Kohinoor Textile (KTML, -4.71%), and International Steels (ISL, -4.22%).
In terms of index-point impact, the heaviest drag came from Engro Corporation (-118.24 points), Pakgen Power (-118.16), Pakistan Petroleum (-89.04), Mari Petroleum (-85.68), and United Bank Limited (-76.50).
On the upside, notable gainers were Bank of New York Mellon (BNWM, +10.00%), Agritech Limited (AGL, +8.71%), Pakistan Aluminium Beverage Cans (PABC, +2.33%), Engro Fertilizers (EFERT, +1.03%), and Meezan Bank (MEBL, +0.69%).
EFERT, MEBL, and AGL collectively added 79.58 points to the index, providing modest support amid otherwise negative sentiment.
The broader market remained under pressure due to concerns around budgetary measures, uncertain economic outlook, and a lack of near-term positive triggers. Sector-wide selling hit index-heavy stocks from oil and gas, banking, cement, automobile, and power generation segments.
Market participants will be closely watching macroeconomic developments and corporate guidance in the coming days for signs of a potential recovery in sentiment.
