KARACHI: Amid a dearth of positive triggers ahead of the looming IMF economic review, the Pakistan Stock Exchange (PSX) on Tuesday witnessed its fourth straight session of extreme volatility, as equity investors lost another Rs148 billion amid persistent selling, despite an early northward drive.

Topline Securities Ltd said the bourse remained under pressure, extending its losing streak as persistent foreign corporate selling dampened sentiment and kept investors cautious. Heightened volatility defined the session, with the index climbing to 176,131.35, a gain of 1,677 points, before aggressive selling pushed it to 171,693.40, a decline of 2,760 points intraday.

By the close, the benchmark settled at 173,150.42, down 1,303.52 points or 0.75pc, as sustained offloading in heavyweight names continued to weigh on overall momentum.

Index-heavy constituents PSO, Habib Bank, Engro Holdings, United Bank, Fauji Fertiliser, and National Bank led the decline, collectively eroding 892 points from the benchmark. On the flipside, Oil and Gas Development Company, Pakistan Petroleum, Millat Tractor and Bank of Punjab provided support, together adding 359 points.

Pakistan State Oil announced its 2QFY26 results, posting an unconsolidated profit of Rs2.7bn (earnings per share of Rs5.82). Earnings came in below industry expectations due to higher-than-anticipated inventory losses and an elevated effective tax rate.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), said PSX remained under sustained selling pressure. The benchmark staged an intraday recovery. However, the rebound proved short-lived.

Millat Tractor reported 1HFY26 profit-after-tax of Rs2.920 billion (EPS Rs14.63), down 20pc year-on-year but up 368pc QoQ, and announced an interim dividend of Rs20 per share.

Bank of Punjab posted CY25 earnings of Rs15.4bn (EPS Rs4.71), up 18pc YoY, declaring a record dividend of Rs2.5 per share despite weaker sequential performance.

Amid bearish conditions, trading volume slipped 7.4pc to 716m shares, while traded value dipped 12.47pc to Rs40.47bn.

Published in Dawn, February 18th, 2026