Bears Stage Comeback as Pakistan Stocks Fall by 125 Points

Bears Stage Comeback as Pakistan Stocks Fall by 125 Points

Karachi, November 7, 2023 – The bears staged a remarkable comeback on Tuesday as the Pakistan stock market recorded a significant decline of 125 points.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 53,735 points, down from the previous day’s record high level of 53,860 points.

Analysts at Topline Securities Limited reported that Pakistan equities experienced a volatile day, with both bullish and bearish forces battling for control of market momentum. Ultimately, the bears prevailed, causing the KSE-100 index to finish the day at 53,734 points, reflecting a decrease of 125 points or 0.23%.

The day began with a positive outlook, as the momentum from the previous day carried over, instilling optimism among market participants. However, as the day progressed, investors decided to take profits, which forced the benchmark index into negative territory and led to a negative closing after six consecutive positive sessions.

Throughout the day, stocks from the banking, oil marketing, exploration, power, and tobacco sectors made negative contributions. Bank Al Habib Limited (BAHL), Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL), Hub Power Company (HUBC), and Pak Tobacco Company (PAKT) collectively shed 135 points. On the other hand, some stocks, including Lucky Cement Limited (LUCK), Colgate-Palmolive Pakistan Limited (COLG), and Engro Fertilizers Limited (EFERT), attracted buying interest and provided a combined positive contribution of 160 points.

The trading session saw over 505 million shares changing hands at the bourse, with a total value of approximately Rs18.2 billion. Notably, CNERGY led the volumes chart, with more than 50.4 million shares traded.

The day’s bearish trend reflected the complexities of the stock market, where market participants constantly weigh factors that influence buying and selling decisions. As Pakistan’s financial landscape continues to evolve, investors will closely monitor market developments to make informed decisions in a dynamically changing environment.