The Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Wednesday as the benchmark KSE-100 Index dropped by 1,704 points, closing at 159,578 points amid broad-based selling pressure and fading investor confidence.
The market opened with volatility, touching an intraday high of 162,052 before slipping to a low of 159,217, as investors reacted to the lack of fresh economic or corporate triggers following the end of the earnings season.
According to Topline Securities, the bearish trend was mainly driven by profit-taking in major index heavyweights, including Fauji Fertilizer Company (FFC), Engro, Lucky Cement, Meezan Bank (MEBL), and Systems Limited (SYS), which collectively dragged the index down by 902 points.
Despite the heavy losses, market participation remained strong, with trading volumes hitting 859 million shares and total turnover recorded at Rs. 34.8 billion, reflecting continued retail activity amid institutional selling.
A senior market analyst commented,
“Investors seem cautious as they await policy clarity and possible macroeconomic adjustments following the IMF review. Short-term sentiment remains weak, but long-term fundamentals are still intact.”
Leading volume drivers for the day included K-Electric (KEL), Hascol, WorldCall Telecom (WTL), and Telecard, with KEL topping the charts at 100 million shares traded.
The market’s steep fall reflects uncertainty in the post-results season phase, as investors weigh upcoming fiscal developments and global market cues.