KARACHI: The Pakistan Stock Exchange ended on a bearish note on Wednesday. The KSE-100 index closed down 1,690.40 points at 174,776.60 points on the back of investors selling in large stocks.
Trading started at 175,519.88 points. The market also saw some improvement in the initial phase, and the index touched a high of 175,841.83 points.
However, this improvement did not last long. Selling trend increased as the day progressed, and the index touched a low of 174,562.88 points.
The KSE-100 ended the trading day down 0.96%. A total of more than 500 companies’ shares were traded in the market.
According to the data, the share price of 113 companies increased while the share price of 356 companies decreased. This difference suggests that selling investors were more prominent than buyers in the market.
The market recorded 261.56 Million Index Constituent Volume as per the figure, instead of around 261.56 Million Shares, while various shares in the overall market activity contributed to moving the Index up and down.
EFERT was among the top performing stocks in the KSE-100. After that THALL, AKBL, ENGROH and DCR also supported the index.
On the other hand negative performance of MEBL, UBL, PPL, FFC and LUCK added pressure on the market. The decline in the shares of these companies affected the overall performance of the index.
Another key index KMI-30 also declined. KMI-30 closed at 249,368.78 points after a decline of 2,480.72 points. In this index too, the negative performance of large stocks was prominent.
EFERT was the top performing stock in KMI-30. Its shares added 316.22 points to the index. ENGROH, PRL and CPHL were also among the positive contributors.
On the other hand MEBL, PPL, LUCK, OGDC and FFC had the most negative impact on KMI-30.
It is clear from today’s market situation that instead of buying, investors took a cautious approach. The KSE-100 fell below its opening levels during the day and could not even maintain the psychological level of 175,000 points at the close of business.
The market will now focus on the buying trend and performance of major stocks in the upcoming session. If investors turn to buying again, the index may get a chance to regain the level of 175,000 points. Otherwise, the current pressure is likely to persist for some time.
