KARACHI: Pakistan’s stock market remained under pressure for the second trading day in a row as the inflated prices and attractive profit estimated convinced investors to offload investments and book profits. The psychological barrier at 47,000 points also kept investors from taking a risk.
Karachi Share Index (KSE-100) ended the day 183.92 points (0.39 per cent) down at 46,721.87 points against the previous closing of 46,905.79 points. The market went as high as 47,072.21 points during intra-day trading, while recorded as low as 46,659.21 points.
Trading volume declined to 428.6 million shares today as compared to 440.27 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 22.18 billion from Rs 26.42 billion in the previous session, the data said.
Within the first five minutes of the trade, the benchmark index jumped far above 47,000 levels. However, the call for a sell from the investors pulled the market under negative territory in the next 30 minutes. Further, the stop-loss policy kept the market under pressure throughout the trading day, traders and analysts said. However, the correction after a decent increase during the previous week will prove positive for the market as it will create room for fresh investments, they added.
The share price of Bhanero Textile increased by Rs 61.95 to Rs 887.96 while Sapphire Textile gained Rs 43.59 to Rs 1,043.59. On the other hand, Rafhan Maize lost Rs 93.44 today to close at Rs 10,796.56 while Colgate Palmolive lost Rs 86.56 to close at Rs 2,893.33.