ISLAMABAD: The Pakistan Stock Exchange (PSX) remained under pressure on Wednesday, with the benchmark KSE-100 Index shedding 543 points, or 0.48%, to close at 111,487.36 amid selling in energy stocks.
Selling was observed in the index-heavy energy sector, including oil and gas exploration companies, OMCs, power generation, and refinery. Key stocks including HUBCO, SHEL, SNGPL, MARI, OGDC, PPL, and POL traded in the red.
“We understand that this being a rollover week has played a role in extending the negative trend,” said Intermarket Securities in a note. The brokerage house said that fresh liquidity, is needed to sustain current index levels.
On Wednesday volume on the all-share index decreased to 449.24 million from 517.80 million on Tuesday. The value of shares declined to Rs28.19 billion from Rs29.21 billion in the previous session.
As many as 448 companies transacted their shares in the stock market, 138 of them registered gains, and 247 met losses, whereas the share price of 63 companies remained unchanged.
Cnergyico PK was the volume leader with 31.20 million shares, followed by K-Electric Ltd with 29.67 million shares, and Citi Pharma Ltd with 25.41 million shares.
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On Monday the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) cut the key policy rate by 100 basis points, taking it down to 12%. This was the sixth successive cut in the key interest rate since June 2024 when it stood at 22%.
On Tuesday, selling pressure persisted in the stock market, as the benchmark KSE-100 Index lost nearly 1,500 points at 112,030.36.
On Wednesday, technology stocks led the gains in Asia-Pacific markets, following a positive performance on Wall Street overnight. Investor concerns eased as fears over the rise of a low-cost Chinese AI model, which some believe could rival US dominance in the industry, began to subside.
