ISLAMABAD: The Pakistan Stock Exchange (PSX) witnessed a turbulent session on Wednesday, with the benchmark KSE-100 Index plunging by 755.40 points to close at 116,020.10, as renewed selling pressure wiped out early gains.
According to the PSX website, the stock market closed with a negative change of 0.65 %.
The stock market gained 500 points and touched 117,424.04 during the early hours of trading. Later, the market dropped to 115,776.11 before closing at 116,020.10.
On Wednesday, a total of 481,813,460 shares were traded as compared to 479,465,114 shares on the previous trading day, whereas the price of shares stood at Rs 38.536 billion against Rs 30.449 billion on the last trading day.
As many as 451 companies transacted their shares in the stock market, 140 of them recorded gains and 260 sustained losses, whereas the share price of 51 companies remained unchanged.
The three top trading companies were Cnergyico PK with 35,607,758 shares at Rs 8.51 per share, followed by B O Punjab Limited with 25,483,545 shares at Rs 11.11 per share, whereas Fauji Foods Limited settled with 25,268,499 shares at Rs 15.91 per share.
Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 273.35 per share, closing at Rs 22,967.97, whereas PIA Holding Company Limited B was the runner-up with Rs 148.85 rise in its share price to close at Rs 1,753.61.
Hoechst Pakistan Limited witnessed a maximum decline of Rs 45.05 per share price, closing at Rs 3,194.95, whereas the runner-up Philip Morris (Pakistan) Limited settled with a fall of Rs 43.60 in its per share price to Rs 1,132.27.
The Pakistan Stock Exchange (PSX) experienced ongoing volatility throughout the past week, driven by global uncertainty following tariff announcements from US President Donald Trump.
However, the situation improved when Trump announced a 90-day reprieve, which helped trigger a recovery in stock markets around the world.
On Tuesday, rating agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’ while citing increased confidence in the country’s progress in narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) programme performance and funding availability, Fitch said.
