KARACHI: The Pakistan Stock Exchange (PSX) closed lower for a third consecutive session on Wednesday as the KSE-100 index fell 698.56 points, or 0.4 per cent, to settle at 171,943.6, against the previous close of 172,642.16, as investors remained cautious amid persistent selling. The market remained under pressure on increasing oil prices amid rising Middle East tensions.
The index touched an intraday high of 173,174.19 and a low of 171,801.67. The KSE-30 index dropped 242.51 points to close at 51,172.13. Ali Najib, deputy head of trading at Arif Habib Ltd, said the PSX witnessed a negative session. Market sentiment remained subdued amid geopolitical uncertainty following renewed attacks across the Middle East. International oil prices continued to strengthen, with WTI at $94.97 (+1.9 per cent) and Brent at $100.4 (+2.46 per cent).
On the index contribution front, PSEL, UBL, OGDC, LCI and SAZEW collectively added 269 points, while FFC, MCB, LUCK, MEBL and MARI erased 411 points amid selective profit-taking. “Going forward, market activity is likely to remain volatile, with selective profit-taking and stock-specific moves expected amid the ongoing result season. Geopolitical developments and elevated oil prices will remain key drivers of market direction,” Najib said.
Ready market turnover fell 33.9 per cent to 477.67 million shares from 722.62 million shares in the previous session. Traded value declined 18.99 per cent to Rs22.64 billion from Rs27.94 billion, while market capitalisation slipped 0.32 per cent to Rs19.23 trillion from Rs19.3 trillion.
Market breadth was negative, with 162 stocks advancing against 293 declining and 37 unchanged out of 492 companies traded. Among the top gainers, PIA Holding Company Limited rose Rs568.02 to close at Rs17,450, while Pakistan Services Limited added Rs98.02 to close at Rs1,078.25. On the downside, Unilever Pakistan Foods Limited shed Rs349.5 to close at Rs24,500, and Buxly Paints Limited declined Rs114.48 to close at Rs1,030.36.
According to Topline Sales Desk, the session remained volatile and bearish, as investors continued to exercise caution amid heightened geopolitical tensions in the Middle East and elevated crude oil prices. On the negative side, FFC, MCB, LUCK, MEBL and MARI were among the major contributors to the index decline, collectively dragging the KSE-100 by approximately 409 points. Conversely, PSEL, UBL and OGDC provided some support, collectively contributing approximately 224 points to the index.
Cnergyico PK led ready market turnover with 65.82 million shares, declining 26 paisas to close at Rs13.06, followed by Aisha Steel Mills with 28.56 million shares, rising 50 paisas to close at Rs17.83. Other most-traded stocks were Thatta Cement, Pak Refinery, Bank of Punjab, Media Times, Waves Home Appliances, WorldCall Telecom, Unity Foods and Nishat Chunian Power. In the futures market, 299 companies were traded, with 81 increasing in value, 214 declining and 4 unchanged.
