Late goals from Lewis Small and Jon Robertson ruined Cowdenbeath’s hopes of three points and a win as Stenhousemuir took a share of the points at Central Park.
The Warriors had a couple of chances in the early stages when Stephen Stirling found Alan Cook outside the box to cross to Jon Robertson only for his shot to fire wide. Moments later a corner for Stenhousemuir was headed clear by the home defence before Ross Meechan latched onto the rebound and sent in a shot that screamed past the post.
But it was Cowdenbeath that opened the scoring in the 24th minute when a Callaghan corner fell to Donaldson who nodded in from the left post to make it 1-0.
After a period in the wilderness following the goal Stenhousemuir came into the game again with around five minutes of the first half to go. A Stenhousemuir ball bounced straight to the keeper from 30 yards after a speculative effort from Robertson.
The Warriors could have equalised within the first five minutes of the second half when Colin McMeniman sent a shot straight over the bar from just outside the box.
Minutes later the ball fell to Cook inside the box but his low shot went straight to the keeper.
The visitors came to rue their missed chances further when Greig Spence doubled the deficit for Cowdenbeath 71 minutes in when Stenhousemuir left an open goal for him to trickle the ball in to the bottom left corner.
With 10 minutes to go Meechan sent a right footed shot to the keeper from the right of the box as Stenhousemuir desperately tried to pull back a goal.
Meechan eventually got his goal with just over five minutes to go when he latched onto a Jon Robertson cross to header in from the centre of the box to make it 2-1.
It was the boost Stenhousemuir needed and sub Lewis Small equalised two minutes later with a shot from the centre of the box to make it 2-2.
COWDENBEATH: Sneddon, Donaldson, Adamson, Scullion, El Zubaidi, Miller (86 - Hughes), Brett, Murdoch, Spence, Smith (60 - Kane), Callaghan. Subs unused: Hunter, Yaqub, Johnston, Orritt, Buchanan.
STENHOUSEMUIR: Barclay, McCormack, Paterson (59 - Henderson), Malcolm, Meechan, Robertson, Gilhaney, Stirling (59 - Millar), McMeniman, Manzana, Cook (71 - Small). Subs unused: Shaw, Murray, Marenghi, Eddington.