Karachi: The Pakistan Stock Exchange (PSX) ended Wednesday’s trading session marginally lower, following a volatile day where early gains driven by optimism surrounding upcoming talks with the International Monetary Fund (IMF) were offset by profit-taking in key sectors. The benchmark KSE-100 Index closed at 118,536.52, down by 39.36 points or 0.03%, despite briefly surging past the 119,000 mark earlier in the day.
The index fluctuated within a wide range of 1,311.90 points, reaching an intraday high of 119,460.54 and a low of 118,148.64. A total of 273.52 million shares were traded on the KSE-100, while the broader market saw 609.06 million shares change hands across 451 listed companies. The All-Share Index rose by 30.83 points or 0.04% to close at 73,338.56.
The early positive momentum was driven by expectations ahead of Pakistan’s IMF talks, which are focused on the upcoming FY26 budget, including tax reforms, energy sector restructuring, and the overhaul of state-owned enterprises. Additionally, optimism from Tuesday’s strong market close, fueled by the ceasefire between India and Pakistan, supported the bullish sentiment.
By around 11:05 am, the index had gained over 400 points, reaching 118,981.43, with buying interest observed in sectors such as cement, banking, power, and refineries. Heavyweights such as HUBCO, MEBL, MARI, UBL, and NRL were among the stocks trading in the green at that point.
However, as the session progressed, the market struggled to maintain its gains. Oil and gas exploration companies emerged as the biggest drag, pulling the index down by 170.57 points, followed by commercial banks (-90.08 points), oil marketing companies (-66.90 points), cement (-56.78 points), and power generation and distribution (-41.47 points).
Among individual stocks with high market capital, OGDC (-2.74%) contributed most significantly to the downside, erasing 129.21 index points, followed by MCB, BAHL, PSO, and MARI. On the positive side, ENGROH, FFC, UBL, MEBL, and PPL helped cushion the fall.
Top gainers for the day included AGL, FCEPL, LOTCHEM, GADT, and UNITY, while IBFL, POML, and NPL were among the biggest decliners.
Of the 100 index constituents, 42 closed higher, 55 lower, and 3 remained unchanged. The total traded value for the day stood at Rs41.91 billion, which marked a decrease of over Rs10 billion compared to the previous session.
On the global front, Asian markets saw modest gains, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.9%, as easing US inflation data stoked hopes for Federal Reserve rate cuts. However, US and European equity futures pointed toward a cautious open, with lingering trade tensions and investors focusing on major Chinese earnings reports later in the week.
The market is now looking ahead to the ongoing IMF review, which could offer crucial insights and direction for investor sentiment in the coming days.