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Volatility prevailed at the Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 Index losing 233 points by the end of the trading session to reach 48,305 points.

114 million shares, worth Rs8.09 billion, had changed hands by the end of Wednesday’s session.

Talking to Dawn.com, senior analyst Ahsan Mehanti said the index plunged sharply after the midday point due to slower investor activity amidst the Securities and Exchange Commission of Pakistan's (SECP) newly-introduced, stricter regulations coupled with low oil prices in the international market.

"Volumes are low as there is no leverage ability due to the SECP's oversight, so buyers are preferring to wait till the dust is settled," he said.

The index's decline was led mainly by banks, according to a note issued by Topline Securities. HBL Bank and United Bank Limited declined 1.8pc and 3.2pc respectively, accounting for 115 points of the decline, it added.

Upbeat data on oil production invited mid-session support in energy and power stocks, Mehanti said.

Stocks of 370 companies were traded at the PSX, of which 131 gained in value, 222 declined and 17 remained unchanged.

Volumes were led by:

  • K-Electric Ltd: 47.6m shares traded (-4.50pc);

  • Aisha Steel Mills: 11.2m shares traded (+0.09pc);

  • Power Cement Ltd: 9.63m shares traded (-1.71pc);

  • Sui North Gas: 8.96m shares traded (+1.96pc); and,

  • Pak Refinery: 8.80m shares traded (+0.54pc).


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