Pakistan Stock Exchange (PSX) Under Selling Pressure
Wednesday saw a shift in sentiment on the Pakistan Stock Exchange (PSX), as early gains evaporated under selling pressure. The KSE-100 Index, which had initially traded in the green due to buying interest, fell 1,358.15 points or 0.81% by midday.
The market’s downturn was broad-based, with major sectors like commercial banks, oil and gas exploration companies, oil marketing firms, power generation firms, and refineries all trading lower. Despite strong market activity of over 256 million shares, the overall sentiment remained negative as investors opted to book profits amid uncertainty.
Investor confidence took a hit on Tuesday when the State Bank’s decision to raise its policy rate by 100 basis points weighed on investor sentiment. The KSE-100 Index touched an intra-day high of 169,314 and low of 168,171 before closing at 168,412.23, down 1,085.12 points or 0.64%.
Selling pressure remained relentless in sectors such as automobile assemblers, cement, fertilizers, oil and gas exploration, oil marketing companies, and power generation. On the KSE-100 index, 29 stocks rose while 70 fell, with Engro Holdings, Pakistan Tobacco, and Pakistan Oilfields contributing to the day’s gains. UBL, Fauji Fertilizer Company, and Pakistan Petroleum were among the biggest index drags.