KARACHI, PAKISTAN: After days of strong performance, the Pakistan Stock Exchange (PSX) witnessed a major setback on Wednesday as the benchmark KSE-100 Index plunged by 794 points, closing at 166,553.28, amid heavy profit-taking and cautious investor sentiment.
The market, which had seen robust gains earlier in the week, opened on a positive note — surging by over 800 points in early trading. However, profit-taking quickly set in, wiping out those gains and pushing the index deep into the red. The intraday swing of nearly 1,100 points reflected heightened volatility as investors opted to lock in recent profits.
Leading blue-chip stocks including Fauji Fertiliser Company, United Bank Limited, MCB Bank Limited, Habib Bank Limited, and Fatima Fertiliser Company were among the top losers, collectively dragging the index down by more than 640 points. Meanwhile, Pakistan Petroleum Limited, Oil & Gas Development Company, and Bank of Punjab offered some resistance, adding limited support to the overall performance.
Trading volumes also took a hit, falling nearly 14% to 1.56 billion shares, while the overall value of traded stocks slipped to Rs55 billion, showing reduced investor participation. Market analysts attributed the correction to short-term profit-taking and concerns over economic indicators, including the rising repatriation of profits by foreign companies.
According to data, profit and dividend repatriations reached $751.7 million during the first quarter of FY26 — an 85.8% year-on-year increase, signaling renewed pressure on foreign reserves. Analysts noted that investors are now eyeing the upcoming State Bank of Pakistan’s monetary policy announcement on October 27, which could dictate the market’s next direction.
Market experts expect the KSE-100 Index to consolidate between the 165,000–170,000 range in the near term, with selective buying likely in undervalued sectors.
This story has been reported by PakTribune. All rights reserved.