Benchmark ends at 176,592 as heavyweight stocks face selling pressure despite gains in oil and gas exploration shares

The KSE-100 Index closed at 176,592 on Thursday, falling 255 points, or 0.14%, following a highly volatile trading session at the Pakistan Stock Exchange (PSX).

The benchmark initially surged by more than 1,400 points, reaching an intraday high of 178,291 before reversing course and falling to an intraday low of 176,157.

The sharp reversal reflected continued caution among investors following the recent market correction, with selling pressure concentrated in several key heavyweight stocks.

Selective buying in the oil and gas exploration sector provided some support to the market and helped limit the benchmark’s losses.

Market sentiment remained subdued amid renewed geopolitical uncertainty and elevated international oil prices. The prevailing uncertainty prompted investors to reduce their exposure across major sectors, weighing on the overall performance of the benchmark.

Among the major decliners, UBL, HUBC, BAHL, HBL and FATIMA emerged as the biggest drags on the KSE-100 Index. Collectively, the five stocks shaved approximately 458 points off the benchmark.

On the other hand, OGDC, ENGROH and SAZEW were among the key contributors, collectively adding approximately 321 points to the index.

The contrasting performance of heavyweight stocks and selected oil and gas exploration companies highlighted the uneven trading pattern during the session.

Despite the sharp swings, market participation remained active. Total traded volume reached approximately 665 million shares, while the overall traded value stood at around PKR 30.8 billion.

The session underscored the cautious approach adopted by investors as the market continues to navigate domestic and international uncertainties.

The KSE-100’s inability to sustain its early gains also indicated that investors remained reluctant to build significant positions amid ongoing geopolitical concerns and elevated oil prices.