PSX ends trading with 102 point decline; a tug of war day

KARACHI: The Pakistan Stock Exchange (PSX) experienced ups and down on Tuesday as bullish and bearish forces battled throughout the session for control of market momentum. In the end, the bears emerged victorious, with the PSX KSE-100 index closing at the 77,877 level.

PSX closed on a negative note today, with the benchmark KSE-100 Index losing 102 points, finishing at 77,877 points. Throughout the trading day, shares of 442 companies were traded, with 182 companies seeing an increase in their share prices, while 211 companies experienced declines.

The market witnessed a total transaction volume of over 592.4 million shares, with a trading value exceeding PKR 19.76 billion. The market’s highest level during the day was recorded at 78,275 points, while the lowest level touched 77,817 points.

A tug of war day!

“Pakistan Equities had a mixed day where Bullish and Bearish forces fought whole day to grab the rein of market momentum and eventually Bears had the day on their name as the PSX KSE100 index settled the day at 77,877 level,” as per Topline market review.

Read More: Pakistani rupee drops 09 paisa against US dollar

The day started on a positive note initially, according to the brokerage house. However, investors chose to do some profit taking which compelled the benchmark index to go into negative territory where the benchmark index made an intraday low at 77,817 (-163 points). Nonetheless, value hunters rescued the market at day’s low which ultimately led the index to gain 60 point lost earlier today.

During the day, Power, Fertilizer & Auto sector’s stocks contributed negatively. On the other hand, some stocks experienced some buying interest, resulting in a combined positive contribution of 147 points.

Over 603.8mn shares were traded today at the bourse while total value clocked in at Rs19.9 billion. KOSM continued to lead the volumes chart with the trading of almost 132 million shares.

Meanwhile, an important development was announced regarding companies listed on the Pakistan Stock Exchange, as Morgan Stanley Capital International (MSCI) has included seven Pakistani companies in its index. This brings the total number of Pakistani companies in MSCI’s indexes to 82.

Experts believe this move will significantly boost foreign investment in Pakistan’s capital market. MSCI released the new rankings for Pakistani companies following its quarterly review.