Karachi, January 10, 2024 – Pakistan equities faced a downward trend on Wednesday as the benchmark KSE-100 index witnessed a decline of 251 points, settling at 63,920 points from the previous day’s closing figure of 64,171 points.
The profit-taking wave dominated the market sentiments throughout the trading day at the Pakistan Stock Exchange (PSX).
According to Ali Najib, a Senior Equity Dealer at Topline Securities Limited, the day saw a fluctuating market with investors engaging in profit-taking activities. Initially, the KSE-100 index experienced an intraday high at 64,551 levels, representing a gain of 380 points or 0.59%. However, profit-taking activities at this level prompted a reversal, causing the benchmark index to lose the earlier gained ground.
As a consequence of the selling pressure, the PSX could not sustain the 64,000 level and concluded the day at 63,920 levels, reflecting a decline of 251 points or 0.39%. The market witnessed an intraday low at 63,874 levels, indicating a loss of 297 points or 0.46%.
Najib explained that investors opted for profit-taking in selective stocks, particularly in the Banking and Fertilizer sectors. The decision was influenced by the escalating political noise and the absence of any positive triggers in the market, leading to the fifth consecutive negative session at PSX.
Major players in the market, including MEBL, ENGRO, BAHL, EFERT, and UBL, collectively lost 182 points due to profit-taking activities. On the positive side, PAKT, PPL, and INDU managed to add 75 points to the index, driven by increased buying interest in these specific stocks.
The trading day witnessed robust activity with over 635 million shares exchanged at the bourse, totaling a value of Rs17.9 billion. K-Electric Limited (KEL) led the volumes chart, with over 151.2 million shares traded.
The prevailing market conditions reflect a cautious approach by investors, with the ongoing political uncertainties and the absence of positive triggers acting as key factors. The consecutive negative sessions highlight the need for a catalyst to rejuvenate investor confidence and steer the market towards positive territory.
Market participants will keenly observe developments in the coming days, looking for any potential triggers that could reverse the current trend and bring stability to Pakistan’s equities market.
