KARACHI: The Pakistan Stock Exchange (PSX) continued with bearish momentum in a mixed session on Wednesday. The benchmark KSE-100 index closed lower by 93 points, as investors remained concerned for pending IMF approvals.

The KSE-100 index decreased by 93.12 points, or 0.08 per cent, to 114,084.54 points, down from the 114,177.66 points recorded in the last session. The highest index of the day remained at 114,661.89 points, while the lowest level was recorded at 114,001.50 points.

Ahsan Mehanti, an analyst at Arif Habib Corp, said, “Stocks closed under pressure amid a surge in Kibor” after the SBP held policy rates. He said that dismal data on car sales — down 25 per cent MoM in February 25 — pre-budget uncertainty and concerns for pending IMF approvals of relief on industrial power tariff played a catalyst role in the bearish close. The KSE-30 index decreased by 52.18 points or 0.15 per cent to 35,257.52 points against 35,309.7 points.

Traded shares dropped by 19 million shares to 299.63 million shares against 318.518 million shares. The trading value dropped to Rs20.262 billion from Rs22.262 billion. Market capital lowered to Rs14.048 trillion against Rs14.065 trillion. Of the 432 companies active in the session, 159 closed in green, 213 in red and 60 remained unchanged.

Analyst Naveed Nadeem at Topline Securities said the local stock market experienced a mixed session, with the benchmark index fluctuating between a peak of +484 points and a low of -176 points. It ultimately closed at 114,084 points, reflecting a modest decline of 93 points (-0.08 per cent). “The market’s performance was influenced by the ongoing IMF review,” he said.

The positive movement was primarily fuelled by MARI, BAHL, MLCF, PABC and DGKC, which together contributed 147 points to the index. Conversely, FFC, OGDC and ENGROH weighed on the market, pulling the index down by 188 points.

The highest increase was recorded in PIA Holding Company Limited B, which rose by Rs55.05 to Rs864.25 per share, followed by Unilever Pakistan Foods Limited, which increased by Rs53.60 to Rs23,339.60 per share.

A significant decline was noted in Pakistan Engineering Company Limited, which fell by Rs28.84 to Rs691.61 per share; Gandhara Industries Limited followed it, which closed lower by Rs19.75 to Rs646.26 per share.

Analyst Muhammad Hasan Ather at JS Global said the decline was attributed to profit-taking in key sectors, despite earlier gains driven by buying activity in oil and gas exploration, OMCs, refinery, and power generation stocks. “Looking ahead, the market is expected to remain cautious, with investors closely monitoring macroeconomic developments and the anticipated second tranche of US$1 billion from the IMF,” he said.

Sui South Gas remained the volume leader with 18.257 million shares, which closed lower by 19 paisas to Rs36.84 per share. At-Tahur Ltd., with 14.884 million shares, followed it, which closed higher by Rs3.54 to Rs38.91 per share.

Other significant turnover stocks included BO Punjab, Symmetry Group Ltd, Silk Bank Ltd, WorldCall Telecom, Maple Leaf, Fauji Cement, Treet Corp, and Cnergyico PK.

In the futures market, 348 companies recorded trading, 149 of which increased, 192 decreased and 7 remained unchanged.