KARACHI: After a positive start following a strong overnight recovery rally, the Pakistani Stock Exchange (PSX) on Wednesday faltered again amid worsening conditions in the Middle East as the prospect of a quick end to the ongoing war seems a distant possibility, with oil prices creeping back above $90 per barrel as supply disruptions caused by the closure of the Strait of Hormuz began to take their toll in the form of fuel shortages.

Regarding the ongoing review, the government is preparing to introduce legislation in parliament to bring over a dozen major State-Owned Entities (SOEs) under standard statutory, fiduciary, and governance compliance, aiming to meet International Monetary Fund deadlines. Two sets of bills will be presented to the National Assembly within days to address a previously missed structural benchmark reset for end-March compliance.

Topline Securities Ltd reported that the benchmark KSE-100 index closed the session at 155,858 points, down by 318 points or 0.20 per cent. The market remained range-bound throughout, as investors remained cautious amid ongoing volatility in international oil prices, keeping overall sentiment mixed.

Major index-heavy stocks, including United Bank Ltd, Pakistan Petroleum Ltd, Oil and Gas Development Company, Meezan Bank Ltd, and Mari Petroleum Company Ltd, emerged as key laggards, collectively eroding approximately 634 points from the benchmark index during the trading session. On the positive side, gains in Engro Holdings Ltd, Bank AL Habib Ltd, and Askari Bank Ltd helped provide partial support to the market, adding a combined 577 points to the index.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd (AHL), stated that PSX experienced a mixed trading session characterised by volatility, with the index fluctuating within a 2,972-point range. It reached an intraday high of 158,625 — a gain of 2,447 points — and a low of 155,652 — a loss of 525 points — reflecting cautious investor sentiment and intermittent profit-taking.

On the positive side, Engro Holdings, Bank AL Habib, Askari Bank, National Bank of Pakistan, and Adamjee Insurance collectively contributed 725 points to the index. Conversely, United Bank Ltd, Pakistan Petroleum Ltd, Oil and Gas Development Company, Meezan Bank, and Mari Petroleum weighed on the market, erasing a combined 634 points from the benchmark.

Market participation weakened as volume fell 9.17pc to 441 million shares, and traded value decreased to Rs24.9 billion. Bank of Punjab (BOP) emerged as the volume leader, with 37.7 million shares traded during the session.

As the war continues in the Middle East, investors are expected to remain vigilant and closely monitor external developments.

Published in Dawn, March 12th, 2026