Karachi: The Pakistan Stock Exchange ended trading on a negative note on Wednesday, with the KSE-100 index closing at 165,823 points with a significant decline of 2,588 points.
The market started the day at 168,863 points, however, due to selling pressure throughout the day, the index continued to gradually decline, while the highest level was recorded at 169,686 and the lowest level was recorded at 165,391 points.
Overall, the index saw a decline of 1.54 percent, which reflects the decline in investor confidence. The trading volume was 448.99 million shares, indicating a reasonable level of activity in the market.
The year-to-date (FYTD) index is up 32 percent, however, the calendar year-to-date (CYTD) performance is still at a negative 4.73 percent, reflecting the recent pressure.
The major stocks weighing on the market included UBL, NBP, OGDC, ENGROH and PPL, which dragged down the overall index, while MTL, DGKC, CHCC, HCAR and BWCL provided limited support to the market.
According to experts, selling pressure in the banking and energy sectors and cautious investor strategy are the major reasons for the decline.
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