Karachi: Selling pressure resurfaced on the Pakistan Stock Exchange on Wednesday, with the benchmark KSE-100 index closing at 168,021.80, down 1,370.52 points. The index recorded a decline of 0.81 percent.
According to official data from the Pakistan Stock Exchange, the KSE-100 opened at 169,151.90, compared to its previous close of 169,392.32. During the day, the index touched a high of 169,382.01, but later it also hit a low of 167,849.70 due to increased selling.
The market pressure was not limited to just a few stocks. According to the latest market report, 76 of the 100 companies included in the KSE-100 fell, 21 rose, while 3 remained unchanged. This widespread selling pressured the index for most of the day.
Shares of FFC, NBP, ENGROH, HBL and LUCK contributed the most to the index. On the other hand, AICL, PSEL, UBL, FABL and GLAXO provided some support to the index. FFC’s negative contribution was 242.82 points while NBP and ENGROH shed 169.17 and 137.42 points respectively.
In sectoral performance, commercial banks were under significant pressure. Shares of fertilizers, cement, investment companies and oil and gas exploration companies also weighed on the overall index. Commercial banks contributed 373.70 points to the KSE-100, while the impact of the fertilizer sector was 292.21 points.
The broader market also remained in a negative trend. The All Share Index closed at 101,556.93, down 689.83 points or 0.67 percent. According to PSX, a total of 356.14 million shares were traded and deals worth Rs 19.49 billion were made. 278,324 trades were reported in the market.
On the other hand, the KMI-30 index closed at 238,953.79, down 2,154.95 points or 0.89 percent. The KSE-30 also fell 476.61 points to 49,991.48.
Wednesday’s decline came after a rally a day earlier. On Tuesday, the KSE-100 had gained 1,421.67 points and the index closed at 169,392.32. Wednesday’s decline took back a major part of that recovery.
Recent market reports have linked profit-taking by investors and re-selling in key sectors to Wednesday’s weakness. Meanwhile, regional developments and volatility in the global oil market also remained the focus of investors. However, it is important to look at the impact of these factors on the market separately.
According to Pakistan Stock Exchange data, the KSE-100 has gained 7.58 percent over the past year, while the index is down 3.47 percent since the start of the calendar year. These figures, along with recent daily fluctuations, also paint a different picture of the broader market performance.
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