KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) turned bearish on Wednesday, shedding more than 500 points.
The KSE-100 index shed 577.52 points, or 0.64 percent to close at 90,286.57 points, from the previous day’s closing of 90,864.09 points.
A total of 614.56 million shares were traded at the PSX as compared to the turnover of 602.81 million shares during the previous trading day
The price of shares stood at Rs27.34 billion, as against Rs28.2 billion on the last trading day.
As many as 446 scrips were active in the stock market, of which 158 recorded gains and 235 declined, while the share price of 53 companies remained unchanged.
Analysts at Topline Securities said that the dip in the Pakistan Stock Exchange was primarily driven by investors engaging in profit-taking to lock in recent gains.
“The PSX witnessed a turbulent trading session today, with the KSE-100 index oscillating between an impressive high of 1,008 points and a low of 860 points,” as per the analysts.
“A key factor influencing today’s market behaviour was the heightened anticipation surrounding the T-bill auction, with investors closely monitoring its outcome. The auction is expected to provide further clarity on the direction of interest rates, which could play a crucial role in shaping near-term market dynamics,” they stated.
The top three companies included Silk Bank Limited with 68.5 million shares traded during the session, followed by The Searle Company with 26.74 million shares. WorldCall Telecom remained the third with 22.72 million shares exchanged at the stock market.
Rafhan Maize Products Company Limited was the top gainer, witnessing an increase of Rs154.84 per share price, to close at Rs 7,750 while the share price of Philip Morris (Pakistan)Limited was up by Rs74.92 price to Rs 824.13.
Unilever Pakistan Foods Limited witnessed a decline of Rs192.49 per share closing at Rs18,987.51 followed by Ismail Industries Limited with Rs117.98 decline to close at Rs 1,582.01.
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