KARACHI: The Pakistan Stock Exchange (PSX) staged a modest recovery on Wednesday, closing marginally higher after a highly volatile session marked by sharp intraday swings and a lack of positive triggers during the ongoing futures rollover week.

According to Topline Securities Ltd, the benchmark index remained under pressure for most of the session as rollover-related adjustments kept investors cautious. Despite the choppiness, the index showed resilience and surged to an intraday high of 981 points before settling at 188,380.39, up 177.53 points or 0.09 per cent.

Buying interest in select heavyweight stocks helped the market stay afloat. United Bank, Pakistan Petroleum, Pioneer Cement, Oil and Gas Development Company, and Pakistan Oilfields collectively contributed 689 points to the index. However, profit-taking in Fauji Fertiliser, Mari Energies, and Hub Power offset part of the gains, eroding around 430 points.

Market activity remained strong, with total traded volume increasing by 27.31pc to 954 million shares. In contrast, the value of shares traded declined 7.88pc to Rs48.9 billion, reflecting lower average prices. K-Electric led the volume chart, with 198 million shares changing hands.

Ali Najib, deputy head of trading at Arif Habib Ltd, said investors largely stayed on the sidelines in the absence of fresh positive developments. He added that rollover-week dynamics continued to generate intermittent selling pressure, contributing to heightened volatility throughout the session.

On the energy front, gas production rose to 3,197 million cubic feet per day during the third week of January, marking the highest level since January 2025. Oil output also improved to 67,066 barrels per day, the strongest reading since August 2024. The increase was mainly driven by robust gas production from Mari Energies, improved supply to fertiliser and power sectors, and reduced curtailments at northern oil fields.

In corporate developments, Fauji Fertiliser Company Ltd’s board approved the acquisition of 214.7 million ordinary shares, representing a 25pc stake, in FFBL Power Company from its parent, Fauji Foundation. Following the transaction, FFC’s shareholding in FPCL will rise to 100pc.

Market participants expect the index to consolidate in the near term within the 185,000-190,000 range, with 185,000 seen as the first key support level.

Published in Dawn, January 29th, 2026