KARACHI: The Pakistan Stock Exchange (PSX) closed sharply lower on Wednesday as the KSE-100 index fell 1,690.4 points, or 0.96 per cent, to settle at 174,776.6, against the previous close of 176,466.99, as selling pressure gripped the bourse across the board. The market witnessed a decline amid renewed geopolitical tensions, which raised oil prices.
The index touched an intraday high of 175,841.83 and a low of 174,562.88. The KSE-30 index dropped 498.16 points to close at 52,134.27.
Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a negative session. Market sentiment remained weak amid the resumption of US-Iran fighting over the Strait of Hormuz, triggering a fresh surge in oil prices as both sides exchanged strikes across the region.
“Going forward, selective profit-taking and stock-specific volatility are expected amid the ongoing result season, while geopolitical developments and oil prices will remain key market drivers,” Najib said.
Ready market turnover fell 22.22 per cent to 610.18 million shares from 784.47 million shares in the previous session. Traded value declined 14.84 per cent to Rs31.86 billion from Rs37.41 billion, while market capitalisation slipped 1.01 per cent to Rs19.58 trillion from Rs19.78 trillion.
Market breadth was negative, with 113 stocks advancing against 356 declining and 32 unchanged out of 501 companies traded.Among the top gainers, PIA Holding Company Limited rose Rs100 to close at Rs17,400, while Buxly Paints Limited added Rs92.68 to close at Rs1,019.45. On the downside, The Thal Industries Corporation Limited shed Rs54.11 to close at Rs1,151.35, and National Refinery Limited declined Rs36.12 to close at Rs524.55.
According to Topline Sales Desk, the market remained under pressure throughout the session, as renewed geopolitical tensions between the US and Iran, coupled with a sharp increase in international oil prices, weighed on investor sentiment and triggered cautious trading across the broader market.
On the negative side, MEBL, UBL, PPL, FFC and LUCK were among the major contributors to the index decline, collectively dragging the KSE-100 by approximately 604 points. Conversely, EFERT, THALL, and AKBL provided some support, collectively contributing approximately 139 points to the index.
Cnergyico PK led ready market turnover with 124.89 million shares, declining 34 paisas to close at Rs14.66, followed by WorldCall Telecom with 38.70 million shares, declining 3 paisas to close at Rs1.13. Other most-traded stocks were Pak Refinery, Bank of Punjab, Hascol Petroleum, Supernet Technologies, Trust Securities Brokerage, K-Electric, First National Equities and Zuma Resources.In the futures market, 303 companies were traded, with 38 increasing in value, 261 declining and 4 unchanged.
