Karachi: The Pakistan Stock Exchange ended trading on Wednesday with a bearish tone. Selling was more prominent than buying, due to which the market benchmark KSE-100 index lost about 699 points.
The market showed some improvement at the start of trading, and the KSE-100 index opened at 172,875.70 points. During the initial activity, the index also reached a high of 173,174.19 points; however, this positive momentum could not be maintained for long.
Later, the index came under pressure due to increased selling in various stocks. The lowest level of KSE-100 during the trading session was 171,801.67 points. At the end of the day, the index closed at 171,943.60 points after a decrease of 698.57 points, or about 0.40 per cent.
The overall negative trend was also prominent in the market. According to the available data, the share prices of 162 companies increased, while the shares of 293 companies recorded a decrease. There was no significant change in the shares of 114 companies.
The volume of trading activity was 477.67 million shares, while a total of 333,439 transactions were made. Shares worth about Rs 22.64 billion were traded in the market, which shows active participation of investors.
On the other hand, the KMI-30 index, which is important for Islamic investment, could not escape negative pressure. The index closed at 244,613.98 points after falling by 1,493.10 points, down 0.61% from its previous level.
In KMI-30, OGDC, SAZEW, NRL, ATRL and HUBC provided some positive support, but weakness in FFC, LUCK, MEBL, MARI and PRL weighed on the overall performance. In KSE-100, some big stocks, including PSEL and UBL, supported the index, but selling in other major companies limited the gains.
Overall, today’s activity shows that investors are currently adopting a cautious attitude. The local economic situation, company performance and investor confidence will play a key role in the future direction of the market.
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