Karachi, August 20, 2024 – The Pakistan Stock Exchange (PSX) witnessed a notable dip in its benchmark KSE-100 index on Tuesday, shedding 85 points amid a sell-off by investors looking to lock in profits.
The index closed the day at 77,745 points, down from the previous day’s finish of 77,830 points.
The trading session began with the KSE-100 index hovering around the psychological 78,000-point mark. However, the latter half of the day saw a sharp and unexpected decline. According to analysts at Topline Securities, this downward trend was fueled by a sudden selling spree that drove the index below the 77,500-point zone. Despite this drop, the market found some support from value hunters who stepped in to engage in selective buying, stabilizing the index at 77,746, marking a marginal decrease of 85 points or 0.11%.
The day’s market performance was characterized by a lack of positive triggers, which contributed to the negative sentiment prevailing among investors. Key sectors, including Banks, Fertilizer, Power, and Technology, contributed to the decline. Notable stocks in these sectors such as Bank Alfalah Limited (BAHL), Fauji Fertilizer Company (FFC), Hub Power Company (HUBC), MCB Bank (MCB), and Systems Limited (SYS) collectively lost 186 points.
In contrast, the market saw some relief from stocks in the banking sector, including United Bank Limited (UBL), National Bank of Pakistan (NBP), and Millat Tractors Limited (MTL), which together added 166 points, reflecting a degree of buying interest amidst the broader market retreat.
Trading volume remained robust with over 380 million shares changing hands, and the total value of shares traded amounted to Rs 11.2 billion. Kosmo Limited (KOSM) led the trading volume charts with more than 101.8 million shares exchanged, highlighting its significant presence in today’s market activity.
Investors and market watchers will be keenly observing any forthcoming economic indicators or corporate earnings reports that might provide the necessary positive catalysts to shift the market’s current trajectory. For now, the PSX remains in a cautious state, reflecting the broader uncertainties impacting investor confidence.
As the market navigates these volatile conditions, stakeholders will need to stay vigilant and adapt strategies accordingly, awaiting signs of stability or new developments that could influence the next direction of the KSE-100 index.
