The Pakistan Stock Exchange (PSX) continued its downward trend on Wednesday as the benchmark KSE-100 Index dropped 1,109 points, weighed down by broad-based selling across major sectors.
The KSE-100 Index closed at 176,846.36 points, losing 1,109.14 points or 0.62% during the session. The index remained volatile, moving through an intraday range of more than 2,300 points.
The benchmark touched an intraday high of 178,942.31 points before falling to a low of 176,638.10 points.
Selling remained concentrated in commercial banks, investment companies, refineries, fertilizer and cement stocks. Rising oil prices and uncertainty surrounding the Strait of Hormuz also kept investor sentiment under pressure.
Commercial banks recorded the biggest negative contribution, dragging the KSE-100 down by 533.56 points. Investment banks, investment companies and securities companies contributed another 132.83 points to the decline.
Refinery stocks reduced the index by 115.36 points, while fertilizer and cement sectors contributed negative 74.86 pointsand 53.21 points, respectively.
Among the major decliners, Cnergyico PK Limited (CNERGY) fell 5.27%, while Attock Refinery Limited (ATRL)declined 4.60%. Adamjee Insurance Company Limited (AICL) lost 3.22%, while Pak Elektron Limited (PAEL) and Pakistan Glass and Ceramics (PGLC) dropped 2.29% and 2.14%, respectively.
On the positive side, International Steels Limited (ISL) gained 4.52%, followed by Bannu Woollen Mills (BNWM), which rose 4.36%. Pakistan Telecommunication Company (PTC) advanced 2.15%, while TRG Pakistan Limited (TRG) and Pakistan Petroleum Limited (PPL) gained 1.85% and 1.46%, respectively.
United Bank Limited (UBL) exerted the largest downward pressure on the benchmark, dragging the KSE-100 down by 258.10 points. Engro Holdings (ENGROH) and Habib Bank Limited (HBL) contributed negative 119.55 points and 105.70 points, respectively.
In contrast, Pakistan Petroleum Limited (PPL) provided the strongest support, adding 80.80 points to the index.
Trading activity remained substantial, with investors trading 409.77 million shares among KSE-100 companies. Of the 100 index constituents, 67 stocks declined, 32 gained and one remained unchanged.
The broader All-Share Index also closed lower at 107,272.73 points, shedding 487.35 points or 0.45%.
Total market volume fell to 787.89 million shares, compared with 1.04 billion shares in the previous session. Traded value declined to Rs39.57 billion, down Rs11.17 billion from the previous session.
Across 495 listed companies, investors conducted 431,091 trades. A total of 184 stocks gained, 271 declined and 40 remained unchanged.
Persistent selling pressure, higher oil prices and uncertainty over shipping through the Strait of Hormuz continued to weigh on investor confidence, keeping the PSX under pressure.
