Selling pressure gripped the Pakistan Stock Exchange (PSX) on Thursday as the KSE-100 fell 0.45% in a topsy-turvy trading session.
The market saw buying activity in early hours, however, profit taking by investors in the second half dragged the market lower. As a result, the KSE-100 index closed the day with a loss of 195.06 points or 0.45% to settle at 43,481.5.
Trading kicked off on a positive note and the market remained in the green territory until noon. At this point, selling pressure emerged and the market erased all gains. A fresh attempt was made to prop up the index near the end of the day however it proved futile and the market closed on a negative note.
KSE-100 rebounds on late session buying
Index heavy weights automobile, cement, banks, fertiliser and oil sectors took a hit and closed mostly in red.
A report from Arif Habib Limited stated the market remained range bound throughout the day as investors opted for profit taking.
“The benchmark KSE-100 index opened in the green zone but profit taking was witnessed by the market participants that pulled the index down to 286 points,” it said. “Refinery and cement sector remained in the limelight.”
A report from Capital Stake said that the PSX opened the session on Thursday in green, but failed to hold onto its gains ending the day in negative. Indices slipped lower and lower, whereas volumes appreciated from last close.
On the economic front, rupee extended its decline against the US dollar for the second successive session and shed Re0.07 or 0.03% on day-on-day basis.
Rupee settles with marginal drop against US dollar
Sectors dragging the benchmark KSE-100 index lower included technology and communication (60.01 points), fertiliser (33.75 points) and oil and gas exploration (27.36 points).
Volume on the all-share index inched up to 621.2 million from 607.99 million on Wednesday. On the other hand, the value of shares traded declined to Rs10.5 billion from Rs11.1 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 170.78 million shares, followed by Cnergyico PK with 62.88 million shares, and K-Electric with 58.05 million shares.
Shares of 312 companies were traded on Thursday, of which 232 registered an increase, 66 recorded a fall, and 14 remained unchanged.