Karachi – The KSE-100 index closed Thursday’s trading in the negative territory, down 206.60 points from Thursday or 0.11 percent at 180,104.61 on the Pakistan Stock Exchange (PSX) amid a cautious attitude among investors.
The benchmark opened the day at 180,311.21 and tumbled higher at first. It reached an intraday high of 181,433.85 but lost the initial pace as it got sold later in the day. It was at its lowest point of the day at 180,035.92 before closing up slightly.
Overall trading in the stock market was flat. The price of 269 stocks fell, 197 rose and 97 were unchanged at the close. There were a total of 388.90 million shares traded on the KSE-100 during the session.
This weakness was not across sectors. A few stocks from the banking, technology, investment, and oil & gas sectors took a beating, and some other select stocks, such as fertiliser stocks and refinery stocks, offset losses in the benchmark.
Stocks that were contributing to the KSE-100 in support were FFC, SRVI, HBL, PPL and PSEL. ENGRO, SYS, MEBL, HMB and POL were the other five components which weighed on the index and held back its rise.
The KMI-30 index followed a similar pattern, ending the day 356.16 points, or 0.14%, lower at 252,988.26. It moved between an intraday high of 255,124.68 and a low of 252,730.34.
In the KMI-30, the contributors that benefited were significant, like FFC, PRL, PPL, NRL and DGKC. On the other hand, Engro, SYS, MEBL, SNGP and EFERT were individual drags on the index.
The KSE-100 has been performing positively in the long run despite Thursday’s negative performance. According to PSX data, the index is up 22.91 % in the year and 3.48% from the start of the year.
During the day, the trading showed that investors are now becoming more selective in the purchases at current levels. The stocks had been higher on the day, but their failure to hold gains and the number of stocks holding losses suggested that some people were taking profits and exercising caution.
The trend of the next trading sessions will be influenced by several factors, such as the global trend, regional news, domestic economic indicators, and the financial performance of major listed companies.
But, for the time being, that Thursday’s pullback is not substantial enough to be considered a trend shift. Investors will be closely following corporate earnings and economic data for any indication of the market’s next move.
