KSE-100 Index Sheds 1,578 Points Amid Volatility
Pakistan’s stock market continues bleeding and dropped 1578.66 points to 166173.74 which amounts to 0.95 percent.
The stock market had also dropped on Monday due to India Tensions and Profit-taking.
Following yesterday’s downbeat momentum, bears kept their foot firmly on the pedal in today’s trading session. The benchmark KSE-100 index initially opened on a positive note, with bulls charging ahead to push the market up by 766 points. However, the optimism was short-lived as selling pressure intensified midway through the day. The index nosedived to an intraday low of 1,755 points before eventually settling at 166,173, down 1,578 points or 0.94%.
The negative close was largely attributed to heavy profit-taking by local institutions, which overshadowed early gains and dragged the market into the red zone.
The decline was largely driven by losses in stocks such as HUBC, ENGROH, LUCK, MARI, and UBL, which collectively dragged the index down by 986 points. However, partial support came from HBL, EFERT, AKBL and ABL, contributing a combined 380 points.
Despite the decline, market participation remained healthy. Total traded volume stood at 1.26 billion shares, while the total traded value reached PKR 54 billion. PTC emerged as the volume leader, with 180.5 million shares.
Earlier, Benchmark index surges over 700 points in early trade before losing steam on renewed investor caution.
After bleeding a day earlier due to India tensions and profit taking, Pakistan Stock Exchange (PSX) gained momentum on Tuesday. But it dropped again later.Stock Market Bleeds Amid India Tensions, profit-Taking
PSX 100 index gained over 700 points but it dropped again.At 9:35am, the benchmark index reached 168,477.03, registering an increase of 724.63 points or 0.43%.
But it dropped again by 444 points at 10.08 am.
During the opening overs, the investors had witnessed buying momentum in key sectors including automobile assemblers, cement, commercial banks, fertilizer, oil and gas exploration companies and refinery. Index-heavy stocks included ARL, MARI, OGDC, PPL, MCB, MEBL and UBL.
