KARACHI: The Pakistan Stock Exchange (PSX) witnessed a subdued trading session on Wednesday, as the stock market ended the day with a marginal loss of 31 points. The benchmark KSE-100 index settled at 46,644 points, slipping slightly from the previous day’s closing of 46,675 points. The market showed signs of cautious sentiment as investors opted for profit booking after recent gains.
Analysts from Arif Habib Limited noted that despite the slight dip, the market achieved a significant milestone by recording a trading volume of over one billion shares in the regular market. The surge in activity was largely driven by WorldCall Telecom Limited (WTL), which alone contributed 369 million shares to the day’s volume. Other key stocks also performed well, maintaining a solid average volume near 600 million shares.
The overall market remained under pressure as profit booking dominated, particularly within the Exploration and Production (E&P) sector. This trend persisted despite stable global crude oil prices, which had previously provided support to oil-linked stocks.
On the flip side, the Cement sector outperformed, backed by strong financial results from Cherat Cement (CHCC). The positive sentiment surrounding CHCC’s performance lifted investor expectations for other companies in the same sector. However, sectors like Banking, E&P, and Engineering (Steel) experienced downward trends during the session.
In terms of market activity, WTL emerged as the most traded stock, followed by K-Electric (KEL) with 106.8 million shares and Telecard (TELE) with 41.5 million shares. These three stocks collectively formed a significant portion of total traded volumes.
The stock market’s key contributors to the negative index performance included OGDC (-34 points), MARI (-23 points), Systems Limited (SYS) (-22 points), PPL (-19 points), and BAHL (-16 points). Conversely, positive contributions came from LUCK (+76 points), FCCL (+29 points), CHCC (+25 points), PIOC (+25 points), and KOHC (+21 points).
Despite the overall decline, the stock market continues to reflect investor interest, especially in high-volume stocks. As market trends fluctuate, analysts suggest keeping a close watch on sector-specific developments and financial results that can influence both stock performance and overall market direction.