The Pakistan Stock Exchange (PSX) on Wednesday landed in the red, with the benchmark KSE-100 Index shedding 375 points to close at 42,920.

The benchmark index showed some positive activity in the first few minutes of the trading session and touched a day's high of 43,623 points. The benchmark, however, could not sustain the positive momentum and adopted a bearish trend for the rest of the session. It touched a day's low of 42,834 points near the end of the session.

In all, 188 million shares worth Rs8.5 billion changed hands during the session. Of the 349 traded scrips, 154 advanced, 177 declined and 18 remained unchanged.

"The market started off on a positive note, climbing 329 points points as investors' interest jumped on news that Pakistan has been given a three-month reprieve by a global watchdog over a US-led motion to put the country on a terror-financing watch list," a JS Global report read.

The European Union (EU) extended GSP+ status for two years, which would be beneficial for exports and the external account, it added.

The report held "political unrest and weak corporate earnings" responsible for the bearish close.

Overall, the cement sector dominated trading with 19.7m shares traded, while the chemicals, food and personal care products sectors followed with 18.9m and 18.7m shares changing hands.

Volumes were led by:

• Azgard Nine Ltd: 15.3m shares traded [-5.22pc];

• Lotte Chemical Ltd: 9.5m shares traded [+1.38pc];

• TRG Pak Ltd: 9.3m shares traded [+1.35pc];

• Dost Steels Ltd: 8.4m shares traded [+3.18pc];

• Matco Foods Ltd: 8.1m shares traded [+5.00pc].