PSX ends another day in red, losing 385 points

KARACHI: In today’s trading session at the Pakistan Stock Exchange (PSX), the market witnessed persistent fluctuations, ultimately succumbing to bearish trends.

The benchmark KSE-100 index concluded the day at 62,448.01, marking a decline of 385.02 points, or 0.61 per cent.

Pakistan Stock Exchange – closing December 20

Throughout the session, the index exhibited a range of 2,178.55 points, reaching an intraday high of 63,261.05 (+428.02) and a low of 61,082.50 (-1,750.53) points. The total trading volume for the KSE-100 index stood at 662.624 million shares.

This week has posed significant challenges for the local stock market, with the KSE-100 index witnessing a substantial decline of 3,681 points in just three trading sessions.

Analysts attribute this correction to over-leveraged positions in the market, combined with profit-taking by investors following an extended rally.

Experts commented on the market’s downturn, noting the prevailing selling pressure, which is expected to persist for some time.

Despite positive news regarding the country’s current account posting a surplus of $9 million in November, profit booking remains the dominant force in the market.

It’s noteworthy that this surplus is the first recorded in the last five months. Additionally, last week marked the end of the KSE-100 index’s 10-week-long streak, experiencing a marginal decline of 93.6 points, or 0.14 per cent WoW.

Among the 100 index companies, 24 closed up, 55 closed down, and 21 remained untraded, while none were unchanged.

Commercial banks, cement, fertiliser, automobile assembly, and miscellaneous were the sectors leading the index down, with power generation and distribution, oil and gas exploration companies, leather and tanneries, engineering, and automobile parts and accessories providing support.

Notable contributors to the index’s decline were ENGRO, OGDC, LUCK, MTL, and PSEL, while HUBC, MARI, KEL, PPL, and EFERT added points.

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