Karachi, August 3, 2023 – The Pakistan stocks encountered a dip after briefly crossing the 49,000 points mark, with the benchmark KSE-100 index of Pakistan Stock Exchange (PSX) recording a decline of 153 points on Thursday.
The index settled at 48,611 points, showing a decrease from the previous day’s closing of 48,764 points.
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According to Ali Najeeb, a senior analyst at Topline Securities, the KSE-100 index achieved the milestone of 49,000 points just after the opening bell rang. The benchmark index even reached an intraday high of 49,405 points, showing an increase of 640 points or 1.3 percent.
However, as the index approached the major psychological level of 50,000 points, investors decided to take profits, resulting in the decline. The PSX closed the day at 48,611 points, marking a negative closing after enjoying ten consecutive positive sessions that saw the index gain over 8.3 percent.
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During the trading hours, several sectors showed notable movements. Stocks in the Auto, Banks, Power, and Cement sectors gained further momentum, with companies such as MTL, HBL, HUBC, BAFL, and LUCK collectively adding 214 points. On the other hand, UBL, MEBL, and TRG faced some profit-taking, resulting in a collective loss of 180 points.
Another significant development in the market was the appreciation of the Pakistani Rupee. The local currency gained Rs. 2.18 (an appreciation of 0.76 percent) against the US Dollar after experiencing three consecutive sessions of devaluation. This reflects some easing in demand in the interbank trading for the US Dollar.
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Market volumes stood at 523 million shares, showing a 5.3 percent decrease compared to the previous day, with a value of Rs. 19 billion, down 4.5 percent. CNERGY led the volume chart, witnessing the exchange of 33.2 million shares on this day.
The stock market’s performance has been closely watched by investors, and the recent fluctuation may be a result of profit-taking activities and cautious sentiment as the index approaches the significant psychological level of 50,000 points.
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