PSX faces bearish blow: Investors reel from historic losses

The Pakistan Stock Exchange (PSX) ended Wednesday in a bearish trend as investor sentiment swung dramatically between optimism fuelled by recent economic developments and profit-taking in previously surging stocks.

According to the 24NewsHD TV Channel, the Karachi Stock Exchange-100 Index initially surged 1,376.02 points (1.2%) to reach an intraday high of 116,236.7. 

However, the market witnessed a sharp reversal, plunging to an intraday low of 110,896.27. It eventually closed at 111,070.29, recording a historic single-day decline of 3,790.39 points, or 3.3%.

Market experts attributed the decline to heightened volatility, profit-booking, and cautious investor behaviour despite earlier positive economic signals.

On Tuesday, selling pressure was witnessed in major sectors such as oil and gas exploration, oil marketing companies (OMCs), power generation, fertilisers, cement, chemicals, and automobile assemblers.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed in a red zone after shedding over 1,300 points.

As many as 470 scrips were active in the Pakistan Stock Exchange, out of which 134 recorded gains and 297 sustained losses, while the share price of 39 companies remained unchanged.

WorldCall Telecom remained the top-trading company with 151.92 million shares at Rs 1.88 per share, followed by Pak Elektron with 107.5 million shares at Rs 38.11 per share.

Cnergyico PK remained the third with 58.28 million shares at Rs 7.08 per share at the closing of the Pakistan Stock Exchange.

Unilever Pakistan Foods Limited remained the top gainer with an increase of Rs180.02 per share price, closing at Rs21,000.02, followed by Philip Morris (Pakistan) Limited with an Rs29.78 rise in its per share price to Rs789.88

On the flip side, Mari Petroleum Company Limited witnessed a decline of Rs89.97 per share closing at Rs809.76, followed by Nestle Pakistan Limited with a Rs74.88 decline to close at Rs7,511.48.

Reporter: Ayaz Rana