Lack of positive developments and institutional selling dampen investor confidence
Karachi, June 21, 2023 – Pakistan equities experienced a bearish trend on Wednesday, resulting in a loss of 432 points by the end of the trading day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 40,221 points, down from the previous day’s closing of 40,653 points.
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According to analysts at Topline Securities, the bearish rampage persisted in Pakistan’s equities market, with the KSE-100 index recording a 1.06 percent decline and settling at the 40,221 level. Investor confidence remained compromised due to the absence of any positive developments on the IMF program and continuous institutional selling ahead of the fiscal year-end. These factors kept the overall sentiment in negative territory throughout the day.
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Major contributors to the decline were COLG, HUBC, SYS ENGRO, and TRG, collectively losing 152 points. On the other hand, DAWH, MTL, and KOHC witnessed some buying interest, contributing positively with a gain of 13 points.
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The overall market volume stood at 97 million shares, with a value of Rs3.5 billion. WTL led the volumes chart with 11.6 million shares changing hands during the day.
The challenging market conditions and lack of positive developments in key sectors have led to a bearish sentiment prevailing in Pakistan’s equities market. Investors are closely monitoring any updates on the IMF program and anticipating a turnaround in market sentiment to regain confidence.
READ MORE: Pakistan Stocks Experience Decline Amid Investor Caution
