KARACHI: Reversing overnight bearish sentiment driven by the deteriorating security situation following two deadly terrorist attacks, the Pakistan Stock Exchange (PSX) on Wednesday opened on a bullish note, with renewed buying interest at attractive levels.

However, according to Topline Securities Ltd, the optimism was short-lived as the index came under pressure before turning positive again. The market witnessed mixed fortunes as the KSE-100 index swung between an intraday high of 164,500 points and a low of 166,600 points, finally closing at 158,183.95 points, up 313.44 points or 0.20 per cent. Despite the modest gain, trading lacked decisive triggers, leaving investors cautious as the market oscillated throughout the session.

Index-heavy sto­cks, inc­luding Fauji Fert­i­liser, Pak­istan Services, Pak­istan Petr­oleum, Uni­ted Bank, and Kohinoor Textile Mills, were among the major gainers, collectively contributing 777 points to the benchmark. On the flip side, Lucky Cement, Habib Bank, Systems Ltd, and Oil and Gas Deve­l­opment Comp­any together shaved off 303 points. Despite the consolidation, market participation rem­a­ined low, with trading volume falling 9.46pc to 757.24 million shares and the traded value dipping 12.24pc to Rs33bn. First National Equities Ltd emerged as the volume leader with 89 million shares exchanging hands.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the market experienced a tug of war bet­ween bullish and bearish forces before ultimat­ely closing modestly hig­h­er, as domestic and reg­i­o­nal security concerns muddled market participants.

Overall, sentiment was indecisive, with investors rem­­­aining cautious amid a lack of fresh positive catalysts.

On the economic front, Pakistan’s plan to re-enter the global debt market by issuing dollar-denominated bonds next year, for the first time in nearly five years, caught investors’ attention. The move signalled growing confidence in Pakistan’s external stability after narrowly avoiding a default-like situation two years ago, though it also revives debate around debt sustainability and investor appetite. Analysts said the index attempted to reclaim its consolidation zone but failed to sustain gains as selling pressure emerged near the day’s high. The session’s tone reflected weakening mom­entum, hinting at fading bullish strength.

Published in Dawn, November 13th, 2025