Bulls were unable to maintain their momentum at the Pakistan Stock Exchange (PSX), as investors engaged in profit-taking during the final hours of trading on Wednesday.
The trading session opened on a positive note, lifting the benchmark KSE-100 Index to an intra-day high of 147,892.25.
However, all intra-day gains were erased amid selling pressure, which pushed the index to an intra-day low of 146,417.80.
The KSE-100 index eventually settled at 146,529.30, a decrease of 476.02 points or 0.32%.
The decline was “mainly driven by profit-taking”, Sana Tawfik, Head of Research at Arif Habib Limited (AHL), told Business Recorder.
Positive momentum in LUCK, HBL, and MEBL provided a combined uplift of 269 points, offering partial reprieve against broader market weakness. In contrast, significant downward pressure stemmed from FFC, EFERT, PPL, MCB, and HMB, which together shaved off 488 points from the benchmark, Topline Securities said in its post-market report.
In a key development, Moody’s raised Pakistan’s credit rating by one notch to ‘Caa1’ from ‘Caa2,’ citing Islamabad’s improving external position.
Moody’s assigned a stable outlook to Pakistan’s rating.
“The recent credit rating upgrade from the global agency aligns with the view we shared with our clients in a publication at the beginning of the fiscal year, as one of nine key themes we identified as relevant for capital markets in FY26,” Amreen Soorani, Head of Research at Al Meezan Investment Management Limited, told Business Recorder.
“While the positive shifts in Pakistan’s macroeconomic landscape that have led to the upgrade are encouraging, continued fiscal prudence, careful management of the external account, and a focus on sustainable growth will be crucial for further upgrades and sustained investor confidence,” she added.
On Tuesday, the PSX navigated a turbulent session, closing at a record high despite heavy profit-taking by investors keen to lock in recent gains.
The KSE-100 Index ended just 75.48 points, or 0.05% up, at 147,005.32 points.
Globally, stocks in Asia climbed and the US dollar was subdued on Wednesday, as data showed both resilience in major economies and the need for central banks to remain accommodative.
Wall Street scaled new heights on Tuesday, driven by increasing certainty that the Federal Reserve will cut interest rates next month. Japan’s Nikkei broke through the 43,000 level for the first time, and cryptocurrency ether rose to an almost four-year high.
The highly anticipated US inflation readings indicated President Donald Trump’s tariff regime had yet to filter down to consumer prices. In Japan, a report showed manufacturers grew more confident about business conditions after a trade agreement with the United States.
The MSCI All Country World Index of shares climbed for a second day to reach 948.54, a new all-time high. Japan’s Nikkei stock index rose 1.4%, also setting a new peak for a second-straight session.
Meanwhile, the Pakistani rupee maintained its upward momentum against the US dollar, appreciating 0.07% in the inter-bank market on Wednesday. At close, the currency settled at 282.22, a gain of Re0.20.
Volume on the all-share index decreased to 647.09 million from 691.66 million recorded in the previous close.
The value of shares declined to Rs40.89 billion from Rs44.58 billion in the previous session.
Yousuf Weaving was the volume leader with 51.81 million shares, followed by Aisha Steel Mill with 48.59 million shares, and B.O.Punjab with 33.75 million shares.
Shares of 487 companies were traded on Wednesday, of which 199 registered an increase, 240 recorded a fall, while 48 remained unchanged.
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