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KARACHI:
The Pakistan Stock Exchange (PSX) endured a notable shift in momentum on Wednesday as early gains faded amid aggressive profit-taking during the closing hours, dragging the benchmark KSE-100 index into the red.
The trading session began on a bullish note, buoyed by encouraging corporate earnings and signs of macroeconomic stability. This initial wave of optimism pushed the KSE-100 up by more than 500 points shortly after the market opened, with the index peaking at 168,163 – its highest point of the day.
However, momentum fizzled out as the day progressed. The market entered a sluggish phase, moving sideways before bearish sentiment took over in the final stretch of trading. A selling spree, primarily driven by investors locking in gains, sent the index to the intra-day low of 166,231 points. By the end of the session, the KSE-100 shed 793.56 points, or 0.47%, closing at 166,553.28. Analysts attributed the late-session dip to profit-booking ahead of economic data releases and potential political developments that could influence investor sentiment.
Arif Habib Limited (AHL), in its report, stated that consolidation around support levels bodes well for additional gains during the rest of the week. In total, 38 shares rose while 58 fell. Pakistan Petroleum (+3.21%), Oil and Gas Development Company (OGDC, +0.87%) and PSX (+5.7%) contributed the most to index gains. However, Fauji Fertiliser (-2.1%), UBL (-1.11%) and MCB Bank (-1.47%) were the biggest index drags. AHL mentioned that QatarEnergy officials are set to visit Pakistan next week to finalise the government’s request to reduce gas shipments next year as domestic demand weakens. Also, the Securities and Exchange Commission of Pakistan (SECP) approved amendments to PSX rules, making it mandatory for listed firms to hold corporate briefings on their annual financial accounts.
Among corporate results, Ghandhara Automobiles (-2.13%) reported first-quarter FY26 earnings per share (EPS) of Rs29.33, reflecting a year-on-year (YoY) increase of 178%, in line with expectations. MCB Bank (-1.47%) announced nine-month CY25 EPS of Rs37.42, down 16% YoY, along with a dividend per share (DPS) of Rs27 – also in line with expectations.
KTrade Securities noted that following profit-taking, the KSE-100 fell by 794 points to close at 166,553. The decline was mainly driven by selling pressure in fertiliser and banking stocks. However, oil and gas sector heavyweights, including Pakistan Petroleum Limited (PPL) and OGDC, provided some support. Market activity remained robust, as reflected by the KSE All-Share Index, which recorded a trading volume of 1.57 billion shares, signalling continued investor interest and participation, KTrade said.
Topline Securities reported that the local bourse experienced a highly volatile session, oscillating in both directions throughout the day. The index recorded an intra-day high of +816 points and a low of -1,115 points before finally closing at 166,553, down 794 points.
The choppy performance reflected investors’ inclination to book profits on strength following the recent rally, as participants sought to secure gains amid mixed performance and a cautious overall tone. Losses were driven by fertiliser and banking stocks, which collectively shaved 647 points off the benchmark index. However, the downside was partially cushioned by gains in PPL, OGDC, PSX, The Bank of Punjab and Sui Northern Gas Pipelines, which together added 306 points, Topline said.
Overall trading volume declined to 1.57 billion shares compared with Tuesday’s tally of 1.82 billion. The total value of traded shares stood at Rs55.07 billion. PSX announced on X that 55% of the total equity value traded was in Shariah-compliant stocks.
Shares of 476 companies were traded. Of these, 203 closed higher, 232 declined and 41 remained unchanged. K-Electric maintained its position as the volume leader with 241 million shares, losing Rs0.30 to close at Rs6.21. It was followed by WorldCall Telecom, which saw 163.5 million shares change hands, gaining Rs0.03 to close at Rs2.08 and The Bank of Punjab, with 118.8 million shares, rising Rs0.86 to close at Rs40.59. Foreign investors sold shares worth Rs465.7 million, according to NCCPL.