The national carrier’s holding company shares saw the largest volume of trading on the ready market, exchanging 63.28 million shares. This made it the most active stock, far surpassing the next leaders, Beco Steel Ltd and Bank Makramah. The exceptionally high volume suggests massive speculative trading or significant institutional movement related to the company’s future restructuring.

Despite the high trading activity, one class of the stock, PIA Holding Company Limited-B, was among the biggest losers of the day. Its price dramatically declined by Rs256.99, closing at Rs24,305.01. This massive drop in a high-priced scrip contributed significantly to the overall bearish sentiment in the KSE-100 index.

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PIA Stock is currently under the spotlight because the Government of Pakistan is actively moving forward with the privatisation of its subsidiary, Pakistan International Airlines Corporation Limited (PIACL). The holding company was specifically created to manage non-core assets and liabilities as part of this restructuring process.

The contradictory behavior—high trading volume alongside a sharp price drop in a key share class—points to a "sell the news" reaction or a major price correction after a previous rally based on privatisation news. Retail and short-term traders are likely taking profits or panicking due to the complexity and uncertainty surrounding the airline's financial clean-up, which is necessary before any sale.