Stock market declines despite initial rally

KARACHI: The Pakistan Stock Exchange (PSX) declined by 224 points yesterday (Monday), closing the day at 81,850.50 points, a drop of 0.27 per cent. The decrease was attributed to profit-taking by both local and foreign investors.

The market saw significant selling pressure, particularly in sectors like power, petroleum, and banking, which collectively dragged the index down by 634 points. Despite this, trading volumes remained high, with around 400 million shares changing hands, valued at Rs 18 billion.

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The market’s performance was further impacted by selling pressure linked to adjustments from an international index rebalancing. Out of the stocks traded, 40 saw gains, while 59 declined. However, a few stocks in the fertiliser and banking sectors posted notable gains, contributing positively to the index.

Analysts predict a bullish trend for today, with indicators signalling strength over the past few trading sessions, during which the index gained over 4 per cent. Looking ahead, analysts noted potential support for the index near the 81,800 mark.