The Pakistan Stock Exchange (PSX) fell sharply, with the benchmark KSE-100 Index losing over 1% as investors opted for profit-taking during the trading session on Wednesday.
Trading kicked off on a positive note, pushing the KSE-100 to an intra-day high of 162,052.45. However, the early optimism faded by mid-session, which pushed the index to an intra-day low of 159,216.86.
At close, the benchmark KSE-100 Index settled at 159,578.19, a decrease of 1,703.57 points or 1.06%.
“The bearish sentiment was primarily driven by the absence of fresh market triggers following the conclusion of the corporate results season,” brokerage house Topline Securities said in its post-market report.
Major index heavyweights — FFC, ENGRO, LUCK, MEBL, and SYS — were the principal laggards, collectively shaving off 902 points from the benchmark, it added.
On Tuesday, PSX came under pressure as investors opted for profit-taking following two sessions of gains. The market’s decline was primarily driven by selling in blue-chip stocks amid renewed caution over mixed corporate earnings and post-rally consolidation.
The benchmark KSE-100 Index fell by 1,521.39 points, or 0.93%, to close at 161,281.77 points.
Globally, Asian stocks dived on Wednesday and market volatility surged to levels not seen since April after an overnight tech-led selloff on Wall Street put the spotlight on stretched valuations.
Sellers were particularly harsh on both the Japanese and South Korean markets in early trading with Tokyo’s stock index tumbling 4.5%, down almost 7% from a record high reached on Tuesday.
South Korean shares plunged as much as 6.2%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.3%, the most since US President Donald Trump’s Liberation Day tariff announcement in early April.
US e-mini futures slumped 0.6% after a 1.2% drop for the S&P 500 overnight.
In Japan, shares in SoftBank Group dived 10% as one of the world’s biggest tech sector investors tracked a 2% drop in the Nasdaq Composite overnight.
Stocks are retreating from record highs on fears that equity markets may have become overstretched after the CEOs of Wall Street heavyweights Morgan Stanley and Goldman Sachs questioned whether sky-high valuations can be sustained.
Meanwhile, the Pakistani rupee registered marginal improvement against the US dollar in the inter-bank market on Wednesday. At close, the currency settled at 280.86, a gain of Re0.01 against the greenback.
Volume on the all-share index decreased to 860.26 million from 899.41 million recorded in the previous close. The value of shares declined to Rs34.85 billion from Rs37.31 billion in the previous session.
K-Electric Ltd was the volume leader with 100.03 million shares, followed by Hascol Petrol with 66.46 million shares, and WorldCall Telecom with 45.75 million shares.
Shares of 481 companies were traded on Wednesday, of which 158 registered an increase, 278 recorded a fall, and 45 remained unchanged.
