Cement and Banking Stocks Drag KMI-30 Down 3.57% in Market Correction

The KMI-30 Index recorded a steep correction on February 23, 2026, declining by 8,675.81 points to settle at 234,255.58. The 3.57 percent drop reflects significant pressure in key sectors, particularly cement and banking, which weighed heavily on investor sentiment at the Pakistan Stock Exchange.
The session began on a relatively stable note, with the index touching 244,437.34 in early trade. However, momentum quickly reversed as heavy selling emerged in large-cap stocks. By midday, losses accelerated, pushing the index to an intraday low of 233,103.29 before closing near that level.
Lucky Cement led the losses, contributing over 1,200 negative points to the index. Engro Holdings and Meezan Bank followed with substantial declines, reflecting broader weakness in industrial and financial sectors. Additional pressure came from Fauji Fertilizer Company and Mari Petroleum, both of which posted sharp drops.
Market observers believe the downturn may be linked to profit-booking after recent gains, as well as cautious positioning ahead of macroeconomic developments. Although fiscal year-to-date returns remain robust at 26.70 percent, the negative calendar year performance signals mounting volatility.
Total trading volume stood at 78.63 million shares among index constituents, suggesting that while liquidity remains present, investor confidence has weakened in the short term.
Experts note that corrections of this magnitude are not uncommon following strong rallies. They recommend monitoring support levels and sector-specific catalysts that could stabilize sentiment in upcoming sessions.