Stocks slump on selling spree

KARACHI: Pakistan Stock Exchange (PSX) came under heavy selling pressure on Wednesday as disappointing corporate earnings, weakness in heavyweight stocks and cautious sentiment amid rising oil prices and geopolitical concerns pushed the Index sharply lower.

The benchmark KSE-100 Index plunged 2,588.35 points, or 1.54 percent, to close at 165,823.88 points, after moving between an intraday high of 169,686.03 and a low of 165,391.47 points.

The benchmark’s slide was mirrored in Business Recorder indices where BRIndex100 lost 378.34 points or 2.04 percent to close at 18,211.85 points on turnover of 777.582 million shares. BRIndex30 dropped 2,420.03 points or 3.61 percent to settle at 64,567.87 points with volume of 471.254 million shares.

Ali Najib, Deputy Head of Trading at Arif Habib Limited, said earnings misses weighed heavily on investor sentiment as broad-based weakness gripped the market, while pockets of strength in MTL, CHCC and DGKC were unable to offset pressure in benchmark constituents.

He said blue-chip stocks including UBL, NBP, OGDC, ENGROH, PPL, HBL, PSO, MCB, FFC and BAHL cumulatively dragged the index lower by 1,734 points. According to him, robust earnings growth reported by PSO, FFC and DGKC was overshadowed by weakness in PPL, NBP and OGDC, while rising oil prices amid geopolitical tensions may keep investors cautious in the near term, though attractive valuations could create buying opportunities.

Overall market activity remained robust despite the selloff. Ready market volume stood at 1.087 billion shares against 1.190 billion shares in the previous session, while traded value rose to Rs39.548 billion from Rs34.543 billion. Market capitalization declined by Rs310.86 billion to Rs18.336 trillion from Rs18.647 trillion a day earlier.

Market breadth remained decisively negative, underscoring broad-based weakness. In the ready market, only 88 companies advanced while 362 declined and 38 remained unchanged out of 488 traded scrips.

Among major movers in the ready market, Cnergyico led turnover with 105.653 million shares, closing lower at Rs8.41 against Rs8.73. Clover Pakistan followed with 91.112 million shares and closed at Rs8.45, while Hascol Petrol traded 65.847 million shares to close higher at Rs20.81.

Among top gainers, Rafhan Maize Products surged Rs91.73 to close at Rs9,489.24, while Al-Abbas Sugar Mills added Rs40.75 to finish at Rs942.98. On the downside, Unilever Pakistan Foods declined Rs160 to close at Rs26,220, while PIA Holding Company Limited B lost Rs102.67 to settle at Rs17,500.

BR Automobile Assembler Index managed to close at 25,778.70, up 207.80 points or 0.81 percent on turnover of 4.496 million shares, while BR Cement Index edged up 28.08 points or 0.25 percent to 11,147.85 with volume of 34.485 million shares.

In contrast, BR Commercial Banks Index fell sharply by 1,388.01 points or 2.41 percent to 56,213.01 on turnover of 63.679 million shares. BR Power Generation and Distribution Index declined 304.76 points or 1.07 percent to 28,115.45 with 75.788 million shares traded.

BR Oil and Gas Index shed 308.59 points or 2.09 percent to 14,466.50 on turnover of 101.323 million shares, while BR Tech and Communication Index lost 71.83 points or 1.97 percent to close at 3,568.06 with 133.031 million shares traded.

Analysts said Wednesday’s selloff reflected a mix of earnings-driven disappointment, pressure in blue-chip financial and energy stocks, and caution linked to external risks, though selective strength in autos and cement suggested stock-specific interest remained intact.

Despite the sharp benchmark decline, high turnover indicated active repositioning rather than a complete withdrawal of risk appetite.

Copyright Business Recorder, 2026