Karachi: Pakistan’s stock market failed to break the bearish spell as profit-taking in last two days pushed the market into panic selling today. The fear of continues falls was observed last week that kept small and medium strength investors cautious.
The benchmark Karachi Share Index (KSE-100) lost 625.40 points (1.34 per cent) after closing at 46,142.74 points against the previous closing of 46,768.14 points. The market went up to 46,817.51 points during intra-day trading, while recorded as low as 46,120.53 points.
Trading volume declined to 577.9 million shares today as compared to 701.7 million shares traded in the previous session, according to PSX website data. The daily traded value declined to Rs 23.2 billion from Rs 28.5 billion in the previous session, the data said.
The fear was one of the major factors behind the recent fall as the holding capacity of the average investors was tested during last week, traders and researchers said. It seems to be stop-loss strategy adapted by the investors that kept the market from resisting the fall today. However, the correction in prices is likely to provide support to the market on lower levels, they added.
The share price of Sapphire Textile increased by Rs 66.75 to Rs 956.86. while Bata Pakistan gained Rs 58 to Rs 1,838. On the other,
hand Nestle Pakistan lost 78.45 today to close at Rs 6,121.55 while Mari Petroleum lost Rs 33.06 to close at Rs 1,595.37.