The Pakistan Stock Exchange closed red for the second consecutive day following Pakistan's reclassification in MSCI's Emerging Markets, with the benchmark KSE-100 Index losing 302 points (0.58pc) to close at 51,511 points.

After opening in the green for a brief period, the market entered correction mode, losing ground as investors abandoned their positions.

"Stocks closed lower amid a major fall in global equities and institutional profit-taking after MSCI announced results," said Ahsan Mehanti, analyst at Arif Habib Corp.

"Textile stocks outperformed on a likely [relief] package in the federal budget and finance minister's focus on 6pc GDP growth. Pre-budget uncertainty and foreign outflows played a catalyst role in the bearish close," he added.

KSE-100 volumes dropped to 107.33 million shares, worth a total Rs12.88 billion. Only 26 of the indexed stocks managed to gain during the day.

396 symbols were active on Wednesday, of which 186 gained, 187 declined and 24 remained unchanged.

Overall volumes touched 371.8m shares, worth Rs18.13bn.

Trading volumes were led by:

1. WorldCall Telecom: 38.9m shares traded (+9.22pc)

2. Dost Steels Ltd: 25.43m shares traded (-1.00pc)

3. Lotte Chemical: 20.86m shares traded (+3.38pc)

4. TRG Pak Ltd: 14.38m shares traded (+0.71pc)

5. Engro Polymer: 13.84m shares traded (-2.13pc)