Volatility at the bourse: stock market turns negative again

KARACHI: Pakistan Stock Exchange has had a changeable trading week, with profit taking and correction marking the better part of trading activity through the five days.

On Monday, the index opened with a fluctuating sentiment, and fell to a bloodbath of 2,371.64 points downturn on Tuesday. On Wednesday, the benchmark KSE-100 index unsuccessfully tried to maintain strength on Wednesday, but plummeted again before recovering to post net 385 points loss by the end of the day.

On Thursday as well, the index went through fluctuations through the day but managed to turn positive before closing, with 245.56 points net gain by the day-end.

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On the final day of the trading week, the index opened at 62,693.56 points and quickly rose to 62,995.21 points. However, soon after the decline set in once again, and by the time the stock market was closed for Jummah break, it had lost 180 points to be at 62,513.26 points.

The downfall throughout the week has been primarily led by the banking and E&P sectors since the beginning of the week. The share market seems to have entered profit taking phase after posting 10-week long growth streak.

The political turbulence, coupled with the International Monetary Fund (IMF) review is adding to the uncertainty in the market after showing improving investor confidence for over two months.

Market analysts anticipated this correction, and investor attention is now focused on the upcoming IMF Executive Board meeting scheduled for January 11, 2024.