KARACHI: The Pakistan Stock Exchange (PSX) continued its downward drift on Thursday, extending losses for a third consecutive session as investors grappled with uncertainty, a lack of fresh triggers, and growing concerns on the macro-economic front.
The benchmark KSE-100 index remained volatile throughout the session, oscillating between an intraday high of around 160,000 points and a low of nearly 159,000. It eventually settled at 159,096.79 — slipping 481.41 points, or 0.30%, by the closing bell.
Heavyweight scrips led the selling pressure, with United Bank, Meezan Bank, Oil and Gas Development Company, Maple Leaf Cement, and Engro Holdings collectively dragging the index down by 285 points. Meanwhile, contributions from Pakistan Services, Colgate-Palmolive Pakistan, Hub Power Company, Askari Bank, and Pakistan Telecommunication Company Limited helped cushion the blow by adding around 236 points, though not enough to reverse overall bearish sentiment.
Market participation picked up as trading volume rose 11.3% to 957.3 million shares. However, the total traded value dropped 12.6% to Rs30.4 billion, suggesting that while more shares were exchanged, trading activity tilted towards lower-priced stocks.
Analysts noted that the 156,733 level — last seen on October 30 — has now become a crucial support zone. A weekly close below it could signal further downside ahead.
The wider economic environment continues to cast a long shadow. Investors are eyeing the upcoming IMF review in early December, hoping for clarity on the fiscal direction. At the same time, the power sector’s chronic circular debt issue remains unresolved, ballooning by another Rs79 billion in the first quarter of the current fiscal year to reach Rs1.693 trillion — a key deterrent for long-term market confidence.
With political uncertainty still simmering and no substantial economic triggers in sight, the market appears set to remain under pressure as cautious investors wait for a clearer narrative.
This story has been reported by PakTribune. All rights reserved.