KARACHI: Selling pressure dominated trading at the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index closing nearly 1,500 points lower. The index touched an intra-day low of 166,115.17 before settling at 166,145.34, down 1,496.93 points or 0.89%.
Brokerage Topline Securities reported that heavyweights including Fauji Fertiliser Company (FFC), Meezan Bank (MEBL), United Bank Limited (UBL), Hub Power Company (HUBC) and Engro Corporation (ENGRO) collectively erased around 858 points from the benchmark index. The decline followed a negative session on Tuesday, when the KSE-100 had closed down 419.92 points at 167,642.28 amid continued profit-taking.
Analysts said the market is likely to consolidate within the 166,000–168,000 range before attempting another move toward a record high. Ali Najib, Deputy Head of Trading at Arif Habib Limited, noted that 165,000 is expected to act as the first key support level.
On the corporate front, the PSX advised K-Electric Limited (KE) to submit its pending annual financial statements for FY24 and FY25 and hold the corresponding AGMs by March 31, 2026.
In the currency market, the Pakistani rupee recorded a marginal gain against the US dollar, closing at 280.46, up Re0.01 in the inter-bank market.
Total traded volume on the all-share index fell to 593.08 million shares from 775.54 million in the previous session. However, the value of shares traded increased to Rs44.42 billion from Rs37.49 billion. WorldCall Telecom led activity with 78.64 million shares traded, followed by Hub Power Company with 46.64 million shares and TRG Pakistan Limited with 33.19 million shares. Of the 473 companies traded, 136 advanced, 291 declined and 46 remained unchanged.
