Karachi: Pakistan Stock Exchange (PSX) opened the week on bearish notes as investors kept offloading investments in absence of positive news and developments. The initial profit-taking led to the panic selling by the day traders.

The benchmark Karachi Share Index (KSE-100) lost 337.61 points (0.37 per cent) after closing at 45,890.04 points against the previous closing of 46,227.65 points. The market went up to 46,407.47 points during intra-day trading, while recorded as low as 45,765.37 points.

Trading volume increased to 722 million shares today as compared to 694.8 million shares traded in the previous session, according to PSX website data. The daily traded value increased to Rs 25.7 billion from Rs 24.8 billion in the previous session, the data said.

The lack of interest among investors was evident from the start of the trading day that led to an increase in panic among the investors, traders and analysts said. Market resisted the fall by noon with help of some buying in oil and energy stocks. However, one the index retreated below 46,000 points levels the selling pressure overtook the trade completely, they added.

Hinopak Motor gained Rs 21.65 to Rs 372.20. On the other hand, Rafan Maize lost 388 today to close at Rs 9,712 while Nestle Pakistan lost Rs 79.94 to close at Rs 6,120.06.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here