KARACHI: Pakistan stocks declined by 523 points on Wednesday due to bearish trading observed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,280 points from previous day’s closing of 39,803 points, showing a decline of 523 points.
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Analysts at Arif Habib Limited said that bearish session was recorded at the PSX during the day.
The market opened in the green zone but within initial trading hours, the bears took charge from the bulls and the market nosedived, negative session continued throughout the day due to news of redemptions and rollover week square-ups that caused the index to drop 775.40 points intraday to close in the red zone.
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However, decent volumes were observed across the board while third-tier companies remained the volume leaders.
Sectors contributing to the performance include Technology & Communication (-138.9 points), Commercial Banks (-114.4 points), Fertilizer (-93.8 points), Chemical (-36.2 points), and E&P’s (-33.3 points).
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Volumes increased from 153.7 million shares to 258.5 million shares (+68.1 per cent DoD). The average traded value also increased by 53.5 per cent to USD 37.6 million as against USD 24.5 million.
Stocks that contributed significantly to the volumes are, BAFL, WTL, KEL, DFML, & PRL.
