PSX-100 sheds over 300 points

KARACHI: A volatile trading session was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index swinging both ways before closing with a loss of over 300 points on Wednesday.

After opening the session on a strong positive note, the index briefly surged to an intra-day high of 158,624.51 points, indicating early buying interest.

However, the rally proved short-lived as profit-taking and selling pressure soon emerged, and the benchmark index entered a gradual downward trajectory, slipping steadily amid persistent selling pressure.

The decline accelerated around mid-day, dragging the market to its intra-day low of 155,652.35 points.

At close, the benchmark index settled at 155,858.47, down by 318.65 points or 0.20%.

“The market largely traded in a range-bound manner throughout the session as investors remained cautious amid continued volatility in international oil prices, which kept overall sentiment mixed,” said Topline Securities, in its post-market commentary.

Major index-heavy stocks, including United Bank Limited, Pakistan Petroleum Limited, Oil and Gas Development Company, Meezan Bank Limited, and Mari Petroleum Company Limited, emerged as key laggards, collectively eroding approximately 634 points from the benchmark index. Staff Report