KARACHI: The Pak­istan Stock Exchange (PSX) remained under selling pressure for a third consecutive session on Wednesday, as investors stayed wary of the economic outlook and corporate earnings disappointed expectations.

The benchmark KSE-100 index dropped 2,588 points, or 1.54 per cent, to close at 165,823 after hitting an intraday low of 165,391.47 following sustained selling throughout the session.

Market participants remained cautious despite recent remarks by the finance minister, who said that Saudi financial support had stabilised the external position, reducing the need for further bilateral assistance from other friendly countries. He indicated a shift towards commercial borrowing, including plans to raise $250 million through a Panda bond next month.

However, trade and industry leaders continued to flag concerns over the high cost of doing business, citing expensive bank borrowing following interest rate hikes, alongside elevated electricity and gas tariffs, which have weighed on economic activity.

According to Topline Securities Ltd., bearish sentiment prevailed, with persistent selling dragging the market lower. The downturn was largely driven by continued offloading by local mutual funds, as reflected in NCCPL data, intensifying the negative momentum.

Disappointing corporate results further dented investor confidence, prompting a broad-based risk-off approach. Heavyweight stocks, including United Bank, National Bank, Oil and Gas Development Com­pany, Engro Holdings, and Pakistan Petroleum, rem­ained under pressure, collectively shaving over 1,100 points off the index.

Ali Najib, Deputy Head of Trading at Arif Habib Ltd, said the session was marked by widespread weakness, although a few stocks showed resilience. A few companies such as Millat Tractors, TRG Pakistan, Cherat Cement, and DG Khan Cement posted gains, while Pakistan State Oil and Fauji Fertiliser Company reported robust earnings growth. Nevertheless, declines in key stocks over­shadowed these gains, keeping overall sentiment subdued.

Investor participation remained relatively subdued. Total traded volume stood at around 1.08 billion shares, with a turnover of Rs39.5 billion. Cnergyico PK led the volumes chart, with more than 105 million shares changing hands.

Analysts said rising global oil prices amid geopolitical tensions could keep investors cautious in the near term. However, they noted that current valuations remain attractive, and any further dip in the market may offer buying opportunities, supported by relatively stable medium-term fundamentals.

Published in Dawn, April 30th, 2026