Pakistan stocks remained under pressure during Wednesday’s trading session as renewed tensions in the Middle East dampened investor sentiment, dragging the benchmark KSE-100 Index sharply lower after the recent rally.
The Pakistan Stock Exchange (PSX) witnessed broad-based selling after fresh attacks in the Middle East disrupted the brief period of calm in the US-Iran conflict, prompting investors to trim exposure to equities.
By 12:09pm, the benchmark KSE-100 Index was trading at 175,978.04, down 1,645.84 points, or 0.93 percent. Earlier in the session, the market had fallen as much as 1,986.33 points, with the index touching an intraday low of 175,631.74. The day’s high stood at 176,935.03, highlighting volatile trading as investors reacted to geopolitical developments.
Despite Wednesday’s decline, the PSX remains 1.11 percent higher since the start of the year and has gained 27.55 percent over the past 12 months. Over the last 52 weeks, the benchmark index has traded between a low of 137,636.37 and a record high of 191,032.73.
Selling pressure was visible across most major sectors, including automobile assemblers, cement, chemicals, commercial banks, oil and gas exploration companies, oil marketing companies and power generation firms. Heavyweight stocks such as HUBCO, Mari Energies, OGDC, PPL, POL, PSO, Wafi Energy, MCB Bank, Meezan Bank and UBL all traded in negative territory, weighing on the benchmark index.
Trading activity remained healthy, with more than 94.45 million shares changing hands by midday.
Among the most actively traded stocks, Cnergyico Pakistan edged up 0.09 percent to Rs10.96, while WorldCall Telecom slipped 0.82 percent to Rs1.21. Trust Securities and Brokerage gained 3.04 percent to Rs2.37, STPL rose 5.12 percent to Rs9.65 and Samba Bank advanced 4.88 percent to Rs15.70.
TPL Properties climbed 2.04 percent, whereas Pakistan Refinery Limited fell 2.01 percent and Maple Leaf Cement lost 2.36 percent. TRSM surged 10.02 percent, while PREMA added 6.90 percent.
Among the day’s strongest performers, 786 Investments, TRSM, ASLPS, PRWM, Ruby Textile Mills, DBCI, GEMNETS, ELSM and OML all posted gains of around 10 percent, reflecting buying interest in selected counters despite the broader market weakness.
On the losing side, TPL Insurance and KPUS both dropped the maximum 10 percent. Other notable decliners included MQTM, ANTM, JSIL, GRYL, Jubilee Spinning, Mughal Iron & Steel Industries, PIA Holding Company Limited B and PMRS, each posting losses ranging from around 5 percent to nearly 7 percent.
The latest decline follows Tuesday’s weak finish, when the benchmark index gave up 638.45 points, or 0.36 percent, to close at 177,623.88. Investors had booked profits after Monday’s strong rally, offsetting early buying sparked by reports of government policy support for the refinery sector.
Meanwhile, global market sentiment improved on Wednesday after a steep selloff in the previous session. Asian equities rebounded as investors looked ahead to key earnings from Microsoft and Meta, along with the US Federal Reserve’s policy decision.
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