ISLAMABAD: Selling pressure prevailed at the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index closing the trading session down by over 1,500 points.
Persistent selling pressure throughout the trading session pushed the KSE-100 Index down to an intra-day low of 120,417.99.
By the end of the session, the benchmark index had settled at 120,465.93, reflecting a decline of 1,505.11 points or 1.23%.
Key sectors under pressure included automobile assemblers, cement, commercial banks, oil and gas exploration companies, oil marketing companies (OMCs), power generation, and refineries. Major index contributors such as HUBCO, PSO, MARI, OGDC, POL, PPL, MCB, MEBL, and NBP all closed in negative territory.
On Wednesday, a total of 707,300,056 shares were traded at the Pakistan Stock Exchange as compared to 1,152,012,654 shares on the last working day, whereas the price of shares stood at PKR 21.273 billion against PKR 27.983 billion on the previous trading day.
As many as 470 companies transacted their shares in the stock market, 102 of them recorded gains, and 327 met losses, whereas the share price of 41 companies remained unchanged.
The Pakistan Stock Exchange (PSX) ended Tuesday on a bearish note, with key benchmark indices declining amid a session dominated by falling stocks. The benchmark KSE-100 Index dropped 254.32 points, or 0.21%, to close at 121,971.04.
On the global front, markets remained on edge Wednesday as concerns over intensifying conflict in the Middle East drove oil prices higher. Investors sought refuge in US Treasuries and the dollar, pulling back from equities.
Fears of deeper US military involvement escalated as the Israel-Iran air conflict entered its sixth day. Heightening tensions, former President Donald Trump called for Iran’s unconditional surrender, warning that US patience was running out.
Oil prices continued to rise on Wednesday, with Brent crude futures rising 0.33% to $76.70 per barrel, while US crude gained 0.45% to reach $75.18 per barrel. Both benchmarks had surged over 4% in the previous session.
