KSE-100 Suffers Sharp Fall, Ending at 168,021
The Pakistan Stock Exchange (PSX) came under selling pressure on Wednesday as investors remained cautious and heavy-weight stocks faced renewed selling.
The benchmark KSE-100 Index fell 1,370.52 points, or 0.81 percent, to close at 168,021.80 points.
The index started the session at 169,151.90 points and initially climbed to an intraday high of 169,382.01 points. Selling pressure later intensified, taking the index to a low of 167,849.70 points.
This created a gap of more than 1,532 points between the day’s high and low, reflecting significant volatility during the session.
Market weakness was broad-based. Of the 100 companies included in the KSE-100 Index, 76 stocks closed lower, while 21 gained. Three stocks remained unchanged.
Major pressure came from FFC, NBP, ENGROH, HBL and LUCK. These five stocks made the largest negative contribution to the benchmark index.
Some support came from AICL, PSEL, UBL, FABL and GLAXO, but their gains were not enough to offset the broader selling.
The commercial banking sector remained the biggest drag on the index, contributing a negative 373.70 points. Fertilizer stocks reduced the index by another 292.21 points, while the cement sector contributed a negative 183.78 points.
Investment companies and oil and gas exploration stocks also added to the downward pressure.
Meanwhile, insurance, miscellaneous companies, synthetic fibres, tobacco and vanaspati stocks made limited positive contributions. However, buying in these sectors could not reverse the broader market decline.
The weakness also extended to the wider market. The All Share Index fell 689.83 points, or 0.67 percent, to close at 101,556.93 points.
According to PSX data, investors traded 356.14 million shares worth around Rs19.49 billion through 278,324 transactions. A total of 121 companies closed higher, while 320 declined and 55 remained unchanged.
The KMI-30 Index also lost 2,154.95 points, closing at 238,953.80 points, down 0.89 percent. FFC, ENGROH, LUCK, PPL and MARI were among the major decliners.
Wednesday’s decline followed a strong rally in the previous session. On September 15, the KSE-100 had gained 1,421.67 points to close at 169,392.32 points. The latest session saw investors book profits in some major stocks, putting the benchmark under renewed pressure.
Despite the day’s decline, the KSE-100 remains higher over the past year. PSX data shows the index has gained 7.58 percent over the last 12 months. However, it is down 6.81 percent during the current fiscal year and 3.47 percent since the start of the calendar year.
The latest session highlights the impact of heavy-weight stocks on the market’s overall direction. Investors will continue to watch banking, fertilizer and cement shares, along with trading volumes, for signals in the next session.
