The stock market faced intense volatility on Wednesday, marking its third straight day of losses, as energy sector challenges, and uncertainty over gas pricing policies weighed heavily on investor sentiment. the Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closing at 114,148.45, marking a steep decline of 1,904.23 points or -1.64%. The market fluctuated significantly, reaching an intraday high of 117,750.22 before hitting a low of 113,847.03. Ismail Iqbal Securities CEO Ahfaz Mustafa, speaking to Geo.tv.Ahfaz, attributed the decline to profit taking and the gas prices uncertainty. "The initial bounce can be attributed to an upwards correction from yesterday's 2,500-point drop and a recovery in energy stocks," Prime Minister Shehbaz Sharif visited the PSX as part of his day-long trip to Karachi, celebrating the market’s achievements and to award PSX the title of the world’s second-best-performing stock exchange in 2024. Speaking at the stock market event, the premier noted that the economy was gradually stabilising, and the journey toward sustainable growth had officially begun. He expressed optimism about meeting the government’s tax targets for the next six months and emphasised the importance of economic growth in lifting the nation. The prime minister highlighted that interest rates had already been reduced to 13% and voiced his aspiration for further reductions to 6% in the future. He also assured stakeholders of the government’s commitment to fulfilling its obligations under the International Monetary Fund (IMF) programme, while envisioning a day when Pakistan would no longer rely on the IMF for economic support. Deputy Prime Minister Ishaq Dar reflected on the stock market’s long-term integration efforts, describing it as a critical pillar of economic growth. He also emphasised the resilience of the financial markets, which had grown into a strong foundation for the national economy. Finance Minister Muhammad Aurangzeb highlighted the progress achieved through the IMF agreement, crediting it for providing economic stability. He also reiterated the government’s commitment to reforming underperforming public-sector institutions as part of broader economic recovery efforts. Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, told Geo.tv: "[The] market is rebounding as it had declined in the past two sessions. Also, [the] PM is also coming today to the stock exchange." The ongoing diversion of re-gasified liquefied natural gas (RLNG) to domestic consumers, which surged to 450mmcfd in January 2025 from 250mmcfd in December 2024, continues to weigh on the market. The Rs2,350 per MMBTU differential between domestic and RLNG import tariffs is expected to exacerbate the already significant circular debt in the energy sector, raising concerns about its financial impact on gas utilities. The IMF’s proposed levy on gas supplies to industrial captive power plants (CPPs) remains a critical structural benchmark under the EFF. The KSE-100 Index ended Tuesday’s session at 116,052.68, marking a decline of 202.44 points, or 0.17%, from the previous session’s close of 116,255.12.