Staff Reporter
Karachi
The Pakistan Stock Exchange (PSX) succumbed to pressure to sell, in a topsy-turvy session on Thursday and the KSE-100 index edged down 70 points after recouping most of its losses.
Following a brief open in the positive zone, the bourse turned bearish and the KSE-100 index began declining as investors resorted to divesting their holdings. The index staged a modest recovery after midday as market participants acted to erase the losses. Nevertheless, the index failed to end on a positive note.
At close, the benchmark KSE-100 index recorded a decrease of 69.89 points, or 0.17%, to settle at 41,806.37 points. The cement sector registered trading volumes of 53.5 million shares, followed by power firms (49.3 million) and technology companies (43.3 million), the report said.
JS Global analyst Maaz Mulla said a volatile session was witnessed at the bourse where the market touched intraday low of -459 points. “However, recovery came in the second half following which the market closed at 41,806 (down 70 points),” he said. Traded value stood at $91 million, up 17% and volumes came in at 435 million shares, down 25%. Major contribution to the total market volumes came from K-Electric (-0.7%), Unity Foods (+0.2%), and Hascol Petroleum (+0.2%).
