KMI-30 Plummets 3,000 Points: Energy Gains Fail to Offset Broad Sell-off at PSX

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a turbulent start to the week as the Shariah-compliant KMI-30 index cratered by over 3,000 points on Monday, wiping out significant gains and leaving investors grappling with a sudden shift in market sentiment.

The index, which opened at 247,863.25, initially showed signs of resilience, touching an intraday high of 250,905.00. However, the optimism was short-lived. A wave of profit-taking and institutional offloading dragged the benchmark down to a low of 243,141.39, eventually settling at 247,747.39. This represented a daily decline of 1.20%, or a massive 3,008.28 points.

The Battle of Pullers and Draggers

While the broader market bled, the oil and gas sector emerged as a solitary fortress. OGDC and PPL led the “Pullers” list, contributing 123.17 and 88.72 points respectively. Analysts suggest that renewed interest in energy exploration and anticipated circular debt resolutions provided a temporary floor for these blue-chip stocks.

Conversely, the “Draggers” were led by heavyweights in the power and fertilizer sectors. HUBC and FFC were the primary culprits behind the index’s slide, contributing negative 494.04 and 492.16 points respectively. The downward trend in these stocks reflects broader concerns regarding upcoming quarterly results and potential shifts in government subsidy policies.

Yearly Outlook and Volume

Despite the daily carnage, the Fiscal Year to Date (FYTD) return remains a robust 34.00%, suggesting that the current dip might be a healthy correction in a longer-term bull market. However, the Calendar Year to Date (CYTD) figure has slipped into the red at -0.32%, signaling a stagnant start to 2026. Trading volume for the KMI-30 constituents stood at a moderate 257.09 million shares, indicating that while the price drop was sharp, it lacked the “panic volume” seen in historical crashes.