RECORDER REPORT

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile and bearish session on Wednesday as early optimism faded amid aggressive institutional selling.

The benchmark KSE-100 Index closed at 165,266.75 points, down 907 points or 0.55 percent from the previous day’s close of 166,173.75 points. It touched an intraday high of 166,947.20 and a low of 165,109.85 points during the session, reflecting broad-based volatility.

On Wednesday, the BRIndex100 closed at 17,265.81 points, down 141.94 points or 0.82 percent from the previous session, with a total turnover of 931.74 million shares. The BRIndex30 fell 527.25 points, or 0.95 percent, to close at 54,937.46 points, with a total turnover of 658.37 million shares.

According to Topline Securities, the day’s downturn was primarily fuelled by heavy selling from local institutions and insurance companies.

Topline added that the decline was largely driven by United Bank Limited (UBL), Fauji Fertilizer Company (FFC), Lucky Cement (LUCK), Mari Petroleum (MARI), and Bank of Punjab (BOP), which collectively knocked 944 points off the index. On the other hand, selective support from Systems Limited (SYS), Bank Alfalah (BAFL), and MCB Bank added 470 points, cushioning the overall fall.

Trading activity remained healthy despite the bearish close. The ready market saw a turnover of 1.27 billion shares compared with 1.26 billion shares a day earlier. The traded value increased to Rs 61.13 billion from Rs 54.21 billion.

Market capitalization declined by approximately Rs 110 billion to Rs 19.148 trillion from Rs 19.258 trillion in the previous session.

Out of 484 companies traded in the ready market, 148 advanced, 297 declined, and 39 remained unchanged, showing a strongly negative breadth.

Pakistan Telecommunication Company Limited (PTCL) led the volume chart with 114.32 million shares to close at Rs 33.37 after touching an intraday high of Rs 34.25. Bank of Punjab followed with 88.05 million shares, losing Rs 1.45 to close at Rs 33.63. K-Electric recorded 87.48 million shares, ended at Rs 7.23.

Among the major gainers, Hoechst Pakistan Limited surged Rs 56.08 to close at Rs 3,986.08, while Unilever Pakistan Foods Limited rose Rs 49.11 to Rs 30,000.00. On the losing side, Rafhan Maize Products Company Limited dropped Rs 176.85 to Rs 9,724.82, followed by Ismail Industries Limited, which fell Rs 41.68 to Rs 2,033.00.

Sectoral performance also reflected the market’s overall bearish tone. The BR Automobile Assembler Index closed at 25,505.12 points, down 3.01 points or 0.01 percent, with a total turnover of 10.69 million shares. The BR Cement Index declined 237.7 points, or 1.79 percent, to close at 13,015.14 points, with a turnover of 43.94 million shares.

The BR Commercial Banks Index dropped 425.7 points, or 0.84 percent, to 50,056.85 points, with a turnover of 140.41 million shares. The BR Power Generation and Distribution Index ended at 28,291.65 points, down 119.34 points or 0.42 percent, with 129.17 million shares traded.

The BR Oil and Gas Index fell 87.93 points, or 0.61 percent, to 14,345.33 points, on a volume of 60.39 million shares. Contrary to the broader trend, the BR Technology and Communication Index outperformed, rising 140.75 points, or 3.71 percent, to close at 3,931.87 points with a robust turnover of 251.53 million shares, reflecting renewed investor interest in the tech sector amid expectations of improved earnings and digital expansion.

Analysts note that the market closed on a negative note, weighed down by institutional profit-taking and cautious investor sentiment. Analysts at Topline Securities expect the PSX to remain range-bound in the near term, with trading likely to hinge on upcoming corporate results, global oil prices, and macroeconomic developments.