Web Desk The Pakistan Stock Exchange (PSX) witnessed a day of consolidation on Wednesday, as the benchmark KSE-100 index succumbed to selling pressure after hitting an intraday high of 171,392.62. The index ultimately shed 143.94 points, closing at 170,303.36.
While the market had been riding a wave of optimism following the State Bank of Pakistan’s (SBP) recent 50-basis-point interest rate cut to 10.5%, the rally hit a technical ceiling. Analysts suggest that the “sell on news” phenomenon took hold as institutional investors looked to lock in gains from the historic highs seen earlier in the week.
Sectoral Tug-of-War
The banking sector remained a rare beacon of green, with the BKTi index gaining 1.70% (over 784 points). Large-cap banks benefited from the stable outlook provided by the latest IMF review, which highlighted a rebuilding of foreign exchange reserves to $14.5 billion.
Conversely, the energy and cement sectors faced heavy headwinds. The Oil & Gas Exploration (OGTI) index fell by over 1%, weighed down by global crude volatility and local circular debt concerns. Similarly, the KMI-30 (Islamic) index dropped by 0.76%, reflecting a broader sell-off in Shariah-compliant blue-chip stocks.
Technical Outlook
Market experts note that the support level now sits firmly between 168,800 and 169,100. As long as the index stays above this range, the long-term bullish trend remain intact. However, today’s volume of over 435 million shares in the KSE-100 suggests that while buyers are present, the intensity of profit-taking is currently dominating the narrative.
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