The KSE-100, a benchmark index, remained under a bearish spell with volumes also showing a significant drop at the Pakistan Stock Exchange (PSX) on Wednesday.
At close, the KSE-100 finished with a drop of 174.62 points or 0.37% to settle at 46,716.72.
The index gained close to 60 points in intra-day trading, closing in on the 47,000 level before turning red as market participants continued to offload shares. The index dropped to an intra-day low of 46,505.13 before recovery began.
“The market continued the downward trend following the slippage in PKR parity with the USD that deteriorated further to touch 169.70 in interbank trading, and crossed 170 in the open market,” said Arif Habib Limited in a post-market comment.
“Unabated foreign selling coincided with local mutual funds disposing of positions on the pretext of redemptions.”
On the market front, Interloop Limited (ILP) announced its financial results for 4QFY21, with the company posting earnings of Rs1,689 million and an EPS at Rs1.94.
On Wednesday, sectors dragging the benchmark KSE-100 index lower included cement (77.42 points), oil and gas exploration (21.96 points) and textile composite (19.57 points).
Volume on the all-share index decreased from 479.79 million on Tuesday to 332.79 million on Wednesday. The value of shares traded also declined during the session, amounting to Rs11.44 billion from Rs15.04 billion.
TPL Corp Limited was the volume leader with 29.62 million shares, followed by Telecard Limited with 28.26 million shares, and Byco Petroleum 23.29 million shares.
Shares of 518 companies were traded on Wednesday, of which 161 registered an increase, 329 recorded a fall, while 28 remained unchanged.