The Pakistan Stock Exchange ended Wednesday’s tumultuous trading session on a negative note, with the benchmark KSE-100 index losing 861.59 points, or 1.67, by the close of the trading session to reach 50,591.57.

Volumes surged to unprecedented highs, with activity more than three times as prominent as the last trading session. Trading was led by commercial banking stocks owing to the market's harsh reaction ahead of its first day of exposure to the MSCI Emerging Markets index.

Ahsan Mehanti of Arif Habib Corp noted the bear market drivers, saying, "Panic selling was witnessed at the Pakistan Stock Exchange (PSX) on post-budget profit taking and concerns for unexpected foreign outflows ahead of the MSCI Emerging Markets upgrade."

"Late session interest in selected blue chip oil and banking stocks supported the index to close above session lows. Capital gains taxes, flat slab levies, higher dividend taxes and renewed concerns for rising circular debt in energy sector played a catalyst role in the record fall at PSX," he added.

274.37 million shares changed hands by the end of the session, with a total worth of nearly Rs50.27 billion.

Stocks of 378 companies were traded, of which 114 gained in value, 240 declined and 24 remained unchanged.

Volumes were led by:

1. Oil and Gas Dev: 26.98m shares traded [-4.35pc];

2. Engro Corp: 23.42m shares traded [-4.49pc];

3. K-Electric Ltd: 21.46m shares traded [-4.94pc];

4. United BankXD: 21.09m shares traded [-4.76pc]; and,

5. Fauji Cement: 20.85m shares traded [-0.22pc].