PSX stays bearish as KSE-100 experiences sharp decline

KARACHI: The KSE-100 Index of the Pakistan Stock Exchange (PSX) continued with a bearish trend on Wednesday.

KSE-100 shed 1,598 points, a negative change of 1.39 percent, closing at 113,443.43 points as compared to 115,042.25 points on the previous trading day.

A total of 743.632 million shares were traded during the day as compared to 767.270 million shares the previous trading day, whereas the price of shares stood at Rs35.245 billion against Rs31.825 billion on the last trading day.

An Analyst at Topline Securities said that the bears dominated today’s trading session as the KSE-100 index experienced a sharp decline.

“The downtrend was primarily attributed to consistent selling pressure from local banks, as reflected in NCCPL data. This prolonged selling dampened market sentiment, leading to a bearish tone. Investors maintained a cautious stance, which further intensified the negative momentum,” the analyst added.

As many as 454 companies transacted their shares in the stock market, 93 of them recorded gains and 307 sustained losses, whereas the share price of 54 companies remained unchanged.

The three top trading companies were WorldCall Telecom with 100.218 million shares at Rs 1.7 per share, Cnergyico PK with 96.97 million shares at Rs7.36 per share and Fauji Cement with 83.55 million shares at Rs38.58 per share.

Unilever Pakistan Foods Limited witnessed a maximum increase of Rs349.99 per share closing at Rs 21,900 whereas runner-up was Hoechst Pakistan Limited with Rs 183.27 rise in its share price to close at Rs3,291.

Ismail Industries Limited witnessed a maximum decrease of Rs107.96 per share price, closing at Rs 1,857.50, followed by Mari Energies Limited with Rs64.55 decline in its per share price to Rs594.98.