KARACHI: Bears took control of Pakistan Stock Exchange (PSX) as the market recorded a loss of 558 points on Thursday. The benchmark KSE-100 index of PSX ended 41,180 points from previous day’s closing of 41,738 points, showing a decline of 558 points.
Analysts at Arif Habib Limited said that the bears took control at the PSX during the day.
READ MORE: Pakistan stocks end up in narrow range trading
The market opened in the green and made an intraday high of 259.20 points but things quickly turned around as bears took charge of the trading session.
As a result, the market closed in the red at the closing bell, losing 558 points, as mutual funds began redeeming their positions over the prevailing political clamor.
READ MORE: Pakistan stocks gain 174 points amid lackluster trading
News of the acquisition (buyback) of shares by numerous corporations increased volumes across the board, but third-tier stocks continued to dominate the board in terms of volume.
Sectors contributing to the performance include Commercial Banks (-180.4 points), E&P’s (-106.1 points), Technology & Communication (-66.5 points), Power Generation & Distribution (-57.3 points), Cement (-37.4 points).
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Volumes increased from 146.7 million shares to 245.0 million shares (+67 per cent DoD). The average traded value also increased by 94.5 per cent to USD 33.9 million as against USD 17.4 million.
Stocks that contributed significantly to the volumes are BAFL, WTL, KEL, DFML, and HASCOL.
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