PSX sheds 214 points to close at 42,993 points
A total of 119,954,170 shares were traded compared to the trade of 151,124,910 shares
KARACHI (Dunya News) – Pakistan Stock Exchange (PSX) on Wednesday witnessed bearish trend as KSE 100 index closed at 42,993 points as compared to 43,207 points on the last working day with the negative change of 214 points (0.5 %).
A total of 119,954,170 shares were traded compared to the trade of 151,124,910 shares during the previous day, whereas the value of shares traded during the day stood at Rs5.164 billion as compared to Rs6.48 billion during last trading day.
Total 345 companies transacted shares in the Stock Market today, out of which 113 recorded gain and 213 sustained losses whereas the share price of 19 companies remained unchanged.
The three top traded companies were, Bank of Punjab with a volume of 19,650,500 shares and price per share of Rs13.5, MLCF with a volume of 18,256,000 and price per share of Rs23.24 and TRG with a volume of 9,260,500 and price per share of Rs28.42.
Yesterday, traders opined that after a major run-up since August last year, the index was consolidating at the current levels before moving forward. “Early trade has been witnessing much of the volatility and the index has been fluctuating from negatives to positives and vice-versa.”
“Investors often have been disinterested in much of the latter day trading when speculators are busy churning mainly low-priced stocks.”
A total of 151,124,910 shares were traded Tuesday compared to the trade 199,044,740 shares during Monday, whereas the value of shares traded during the day stood at Rs6.48 billion as compared to Monday’s Rs9.15 billion.
The previous week witnessed massive overall spike in the stocks as local and foreign investors rampaged across the market to quickly hit upper circuits after the war clouds hanging over the region due to US-Iran hostilities dissipated which provided the investors the much-needed comfort to move funds from gold and money market back to risky assets that may provide higher returns.
There was no major negative news flow that could thwart the market exuberance. On the political front, the belligerent atmosphere in the country took a pause after some reconciliation between the government and the opposition following the consensus passage of Army, Air Force and Navy Amendment Bills.
Earlier, investors’ optimism continued as they saw the market back in the green after two earlier dismal years of negative returns.
From Aug 16, 2019 when the benchmark index had hit the pit at 28,765 points, the market has witnessed a spectacular rally that has carried it up by more than 50pc in fewer than five months.
Improvement on the external front together with stability in the Pakistani Rupee was expected to reassure foreign investors.
Meanwhile, inflationary readings are set to touch peak in January 2020 (this month) with an imminent interest rate cut to follow, domestic investors remain jubilant as well, he said.
