Karachi – A negative trend prevailed during trading activities on Thursday at the Pakistan Stock Exchange (PSX), and the KSE-100 index closed down 952.30 points. Selling pressure in the banking and technology sectors in the market affected investor confidence, while limited buying failed to support the market.
At the beginning of the trading day, the KSE-100 index opened at 167,979.49 points, while the index reached a high of 168,528.87 points in early trade. However, the market later fell to a low of 166,398.90 points due to increased selling. The index closed at 166,498.84 points at the end of trading.
According to the data, the KSE-100 index recorded a total decline of 0.57 per cent. According to analysts, investors adopted a cautious strategy due to the recent economic uncertainty and global market pressure.
The most negative impact on the market was UBL, which pushed the index down by 301.49 points. SYS contributed 85.60 points, BAFL 73.93 points, and FFC 62.80 points, while PPL contributed 56.17 points.
On the other hand, JVDC emerged as the most prominent pillar, adding 29.96 points to the index. FCCL gained 24.01 points, SRVI gained 22.21 points, TRG gained 12.89 points, while CHCC gained 10.80 points.
In terms of trading volume, 185.04 million shares were traded in the constituent stocks of the KSE-100 index. According to experts, although there was activity in the market, investors largely avoided new purchases.
On a fiscal year-to-date basis, the KSE-100 index is still in the positive zone with a growth of 32.53 percent, which shows the strength of the market on a long-term basis. However, on a calendar-year-to-date basis, the index is seeing a decline of 4.34 per cent.
Analysts say that fluctuations in global financial markets, changes in crude oil prices and local economic challenges are affecting the Pakistan stock market. According to them, selling pressure in the banking sector has further weakened market sentiment.
According to economists, if economic stability improves in the coming days and investor confidence is restored, the market could take a positive turn again. According to them, the current downturn can also be described as a short-term correction.
