Pakistan Stock Exchange: KSE 100 index down 273 points
Bears retained their ground on Thursday, dragging the KSE-100 index down 273 points.
A dearth of bullish triggers prevented the market from making gains, resulting in a range-bound day. Despite the rupee’s partial recovery, political and economic factors were likely to keep pressure on the currency.
A few corporations’ announcements of strong financial performance failed to sway the market. Due to a lack of positive news sources that could help the market rise, investor morale remained low.
Earlier in the day, trading began on a bullish tone, but profit-booking appeared in the first hour, causing the KSE-100 index to fall.
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For the majority of the day, the market moved in a small range, but in the closing hour, investors quickly liquidated their stock positions.
The benchmark KSE-100 index ended the day at 47,363.27, down 272.63 points, or 0.57 percent.
According to a report by Arif Habib Limited, the market moved in a range of +124 to -374 points, with the session ending with a 273-point loss.
Aside from dissatisfaction over financial earnings and the rupee’s devaluation versus the US currency, the rollover week had its toll on the market.
The cement, steel, and electricity sectors all showed signs of selling pressure, according to the survey.
The benchmark KSE-100 index took a beating, losing 273 points to settle at 47,363, according to JS Global analyst Neelum Naz.
“The market is fundamentally trading at excellent levels, and a positive trigger is necessary to resume the uptrend,” she said.
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“Given that the corrective phase is virtually over,” the analyst advised, “we advise investors to grow exposure across the board.”
The total number of shares traded decreased to 360.8 million from 384.6 million on Wednesday. During the day, investors exchanged Rs11.7 billion worth of shares.
There were 483 different firms whose stock was traded. At the end of the day, 118 stocks were up, 350 were down, and 15 were flat.
With 28.8 million shares traded, Hascol Petroleum was the most active, up Rs0.49 to Rs7.92.
Meanwhile, Ghani Global Holdings came in second with 25.1 million shares, down Rs3.38 to Rs42.34. Kohinoor Spinning came in third with 21.7 million shares, up Rs0.32 to Rs5.72.
According to data published by the National Clearing Company of Pakistan, foreign institutional investors were net sellers of Rs108.9 million worth of stock during the trading session.
