KMI-30 Slides Over 7,000 Points as Heavyweights Drag PSX Lower

The benchmark Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Monday as the KMI-30 Index plunged 7,017.29 points, reflecting a 2.77 percent decline in a volatile trading session dated February 16, 2026. The index closed at 246,378.79 points compared to its opening level of 253,230.25, signaling strong selling pressure throughout the day.
Market activity showed early signs of weakness as the KMI-30 touched an intraday low of 245,012.55 after initially hovering near its session high of 253,230.25. Investors appeared cautious amid profit-taking in major index-heavy stocks, which significantly impacted the overall benchmark. Analysts noted that the selling trend intensified during the second half of trading, wiping out early session stability.
Trading volumes in index constituents stood at 122.98 million shares, suggesting active participation despite the bearish momentum. Market watchers believe that institutional selling in select blue-chip stocks amplified the downward move, particularly in energy, fertilizer, and banking sectors.
Among the major draggers, Engro Holdings led the decline with a negative contribution of 912.49 points, followed by Oil and Gas Development Company (OGDC), which shaved off 590.18 points. Meezan Bank Limited (MEBL) contributed a loss of 549.50 points, while Lucky Cement (LUCK) and Fauji Fertilizer Company (FFC) further eroded index strength by over 508 points each. The collective pressure from these heavyweights pushed the Shariah-compliant benchmark into deep negative territory.
Despite the day’s downturn, the fiscal year-to-date (FYTD) performance remains positive at 33.26 percent, indicating that the broader trend over the year has remained strong. However, the calendar year-to-date (CYTD) performance slipped to negative 0.87 percent, reflecting the recent correction phase in the market.
Market analysts suggest that investors are closely monitoring macroeconomic indicators, corporate earnings announcements, and global commodity price movements. The recent volatility in international oil prices has particularly influenced energy stocks, while cautious sentiment persists ahead of upcoming monetary policy decisions.
Financial experts emphasize that while short-term fluctuations are part of market cycles, long-term investors often use such corrections as opportunities to reassess portfolios. However, traders are advised to maintain prudent risk management strategies given the sharp intraday swings witnessed during the session.
Overall, Monday’s performance highlights the sensitivity of the KMI-30 index to heavyweight stocks. As the market adjusts to evolving economic signals, participants are likely to remain vigilant in the coming sessions. The sharp 7,000-point slide serves as a reminder of the volatility inherent in equity markets, particularly within concentrated indices dominated by large-cap companies.