The corporate landscape of the Pakistan Stock Exchange faced a significant valuation haircut today, as the KMI-30 Index saw a net loss of 7,371.19 points. While the broader market indices were also under pressure, the Islamic index suffered specifically due to the poor performance of its highest-weighted constituents.

At the top of the “Draggers” list was Engro Holdings (ENGROH). The conglomerate, which has a massive influence on the index, contributed nearly 13% of the total daily decline with a negative 953.04 points. Following suit was the banking giant Meezan Bank (MEBL), which saw its contribution drop by 781.96 points. When the leaders of the fertiliser and banking sectors retreat simultaneously, the impact on a concentrated index like the KMI-30 is amplified.

Other notable laggards included:

• Lucky Cement (LUCK): Contributed -748.26 points.
• Fauji Fertiliser Company (FFC): Contributed -739.00 points.
• Pakistan Petroleum Limited (PPL): Contributed -529.68 points.

The collective weight of these five companies accounted for a massive portion of the index’s slide. On the other side of the ledger, Millat Tractors (MTL) was the sole survivor among the heavyweights, posting a positive contribution of 28.33 points.

With a total constituent volume of 116.65 million shares, the liquidity was present, but it was heavily skewed toward the exit. This “March Madness” in the market has wiped out a significant portion of the gains made earlier in the fiscal year. As the market heads into the final trading days of the quarter, all eyes will be on whether these corporate giants can find a floor or if the sell-off will continue into April.