Karachi: The Pakistan Stock Exchange (PSX) saw investors offloading their shares at the beginning of the trading week, putting pressure on the major market indices. The Pakistan Stock Exchange (PSX) saw investors sell off shares at the beginning of the trading week, adding pressure to the main market indices.
The benchmark KSE-100 Index fell by 1,692.75 points to 173,636.07 points. The overall decrease in the index was 0.97 percent.
The market had a relatively good performance at the opening of the day, with the KSE-100 Index ending at 175,353.67 points. But with the business going on, selling pressure mounted and the index continued to decline. It also had a low of 173,603.75 points during the session.
At the end, the trend of selling prevailed in the market instead of buying, and the index closed almost near the day’s low.
According to the data of the Pakistan Stock Exchange, the shares of 311 companies declined, while 154 companies’ shares increased. The total volume of shares traded amounted to around 679 million shares.
The KMI-30 Index, which is significant in Islamic investment, also fell. The KMI-30 ended at 247,520.67 points, down by 2,718.47 points, or 1.09 percent, from the previous day’s level.
The KMI-30 saw a high of 249,977.59 points during trading, but later it fell to a low of 247,435.81 points as pressure increased.
The overall performance of the market was affected by the drop in some of the big companies’ shares. According to the market data, some of the companies that suffered from the drop in their shares were OGDC, PPL, PRL, Lucky Cement and ATRL.
The major indices were mostly in negative territory during the trading session. The buying momentum in the market could not build up much as investors’ sentiment was cautious.
But a single trading day’s rise or fall in the stock market is not a clear-cut indicator of the trend. Business results, economic situation, investor confidence and other factors are also essential to gauge the future performance of the market.
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