KMI-30 Falls Over 1,078 Points as Heavyweight Stocks Drag Market Lower

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile trading session on Monday as the KMI-30 Index ended deep in the red, weighed down by selling pressure in major heavyweight stocks. The benchmark Shariah-compliant index closed at 268,418.81 points, marking a decline of 1,078.22 points or 0.40 percent compared to the previous session.
The market opened on a slightly positive note at 270,661.58, briefly climbing to the day’s high of 272,969.35. However, profit-taking and persistent selling later dragged the index to an intraday low of 267,633.94, before settling lower at the close.
Trading activity remained moderate, with index constituent volume recorded at 155.28 million shares, indicating cautious investor participation amid mixed market sentiment.
Major Drags on the Market
The downturn was primarily led by heavyweight stocks that significantly eroded the index’s gains. Meezan Bank Limited (MEBL) emerged as the biggest laggard, shaving 415.40 points off the index. It was followed by Engro Holdings (ENGROH) with a loss of 366.18 points, while Lucky Cement (LUCK) contributed a decline of 244.55 points.
Other notable drags included Hub Power Company (HUBC) and Mari Petroleum (MARI), which collectively weakened overall investor confidence.
Analysts noted that institutional selling in these blue-chip stocks triggered broader pressure across the board, limiting any recovery attempts during late trading hours.
Stocks That Supported the Market
Despite the bearish close, a handful of stocks provided some support. Systems Limited (SYS) and Sazgar Engineering (SAZEW) led the gainers’ list, adding 314.39 points and 404.89 points, respectively.
Millat Tractors (MTL), Fauji Fertilizer Company (FFC), and Fauji Cement (FCCL) also posted gains, partially offsetting losses from major decliners.
Market experts said these selective gains highlight stock-specific buying rather than broad-based optimism.
Performance Snapshot
Open: 270,661.58
High: 272,969.35
Low: 267,633.94
Close: 268,418.81
Change: -1,078.22 points
Percentage Change: -0.40%
Volume: 155.28 million shares
FYTD: 45.18%
CYTD: 8.00%
Outlook
Market participants expect continued volatility in the coming sessions as investors monitor corporate earnings announcements, macroeconomic indicators, and foreign inflows. Experts suggest adopting a selective strategy, focusing on fundamentally strong stocks rather than broad market exposure.
While the KMI-30 has delivered a healthy 45.18% fiscal year-to-date return, short-term fluctuations may persist amid global and domestic economic uncertainties.