Karachi, July 13, 2023 – Pakistan’s stock market saw a decline of 248 points on Thursday as investors engaged in profit-taking activities following a historic bull-run session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 45,267 points, down from the previous day’s closing of 45,515 points.
Notably, the International Monetary Fund (IMF) had approved a $3 billion bailout package for Pakistan just a day earlier. Additionally, the country received the first tranche of $1.2 billion as part of the bailout package.
According to analysts at Topline Securities, the day witnessed profit-taking activities in Pakistan’s equities market, where investors sold off their positions after the historic “Bull Run.” During the session, the benchmark index reached an intraday high of 45,971 levels, showing an increase of 456 points or 1 percent.
READ MORE: KSE-100 Index Surpasses 45,000 Points, Reaches 14-Month High
However, investors chose to offload some of their positions, resulting in the market losing some of the earlier gained ground and pushing the index into negative territory.
Among the notable contributors to the index were COLG, KHYT, ISIL, BTL & SICT, which collectively gained 183.91 points. Conversely, SAPT, MEHT, NESTLE, BATA & MARI recorded a negative contribution of 210.12 points today.
READ MORE: Pakistan Stocks Surge by 378 Points as Trading Improves
Throughout the day, a total of 489 million shares were traded at the Pakistan Stock Exchange, with a total value of Rs 14.5 billion. Wire and Wireless (WTL) led the volumes chart with 55.5 million shares changing hands.
The decline in Pakistan’s stocks could be attributed to investors capitalizing on the recent gains and securing profits. The market’s reaction to the news of the IMF bailout package remains to be seen in the coming days.
READ MORE: Promising Outlook: Pakistan Stock Market Soars on IMF Agreement
