The Pakistan Stock Exchange (PSX) witnessed heavy selling pressure on Wednesday as the benchmark KSE-100 Index dropped by 1,588.52 points, closing at 187,033.26, down 0.84%, amid profit-taking in major sectors including banking, technology, cement and fertilizers.

The benchmark experienced notable intraday volatility, trading within a wide range of 2,896.58 points. It hit an intraday high of 189,523.43 (+901.65 points) early in the session before sliding to an intraday low of 186,626.85 (-1,994.93 points) as selling intensified in the final hours. Total KSE-100 volume surged to 703.36 million shares, reflecting active participation despite bearish sentiment.

Market breadth was sharply negative with 77 index constituents closing down, while only 22 advanced, and 1 remained unchanged, indicating broad-based selling across the benchmark universe.

Top decliners included KTML (-5.22%), PTC (-2.82%), NML (-2.81%), GAL (-2.76%), and ILP (-2.75%), driven by sector rotation and short-term profit booking. Meanwhile, defensive accumulation lifted select scrips such as LOTCHEM (+7.21%), KEL (+3.85%), FFL (+2.98%), SAZEW (+2.89%), and PGLC (+2.55%).

Index contribution data showed significant negative impact from heavyweight banking and industrial names. Major contributors to the downside included MEBL (-197.35 pts), ENGROH (-196.35 pts), MCB (-134.24 pts), HBL (-133.29 pts), and SYS (-131.64 pts). Limited upside came from PPL (+58.02 pts), SAZEW (+39.35 pts), NBP (+37.63 pts), LOTCHEM (+28.96 pts), and MARI (+24.79 pts).

Sector-wise performance further confirmed selling pressure, with Commercial Banks (-622.43 pts) leading the downside, followed by Investment/ Securities (-218.91 pts), Technology & Communication (-192.51 pts), Cement (-156.89 pts), and Fertilizer (-101.29 pts). On the other hand, mild strength came from Power Generation & Distribution (+20.20 pts), Oil & Gas Exploration (+20.09 pts), Chemical (+16.83 pts), Property (+13.29 pts), and Automobile Parts & Accessories (+9.23 pts).

In the broader market, the All-Share Index declined to 112,355.64, down 909.82 points (-0.80%), reflecting persistent bearish sentiment beyond the benchmark index. Total market volume rose to 1,325.60 million shares, up from 1,225.81 million in the previous session, while traded value increased to Rs69.58 billion, up Rs5.69 billion, signaling higher turnover during the sell-off.

Overall, 488 companies traded during the session, out of which 118 closed higher, 331 closed lower, and 39 remained unchanged, underscoring widespread market weakness.

Volume activity was driven by retail-heavy names, with KEL (263.24M shares), HASCOL (100.76M), FFL (74.97M), LOTCHEM (69.46M), and WTL (42.55M) leading the day.

Despite the correction, the KSE-100 Index still reflects strong fiscal and calendar year gains, having advanced 61,406 points (+48.88%) during FY26, while rising 12,979 points (+7.46%) year-to-date, showcasing persistent longer-term bullish sentiment despite short-term volatility.