KARACHI: On Friday, the Pakistan Stock Exchange (PSX) extended the bearish mood for the second day in a row and closed negative.
KSE-100 index rebounded above the 46,000 mark physiological barrier in the early hours of the session as the inflated prices and blue-chip stocks triggered profit taking.
The Karachi Share Index (KSE-100) lost 58.35 points (0.13 per cent) after closing at 45,931 points against the previous closing of 45,989.35 points in the previous session. The market went up to 46,170.26 points during intra-day trading, while recorded 45,872.89 as the lowest intra-day level.
KSE-100 index opened plus and reached 46,131.76 points in the morning. However, the cautious attitude among the investors at the inflated levels pushed the index into negative levels. Selective buying did help the index to rebound several times during the day. The trend of intra-day correction seems to be healthy for the market, traders and analyst said. Under the bearish mood, the profit-taking pushed the index back to close below 46,000 levels.
Trading volume declined to 5311.06 million shares today as compared to 620.74 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 17.84 billion from Rs 19.81 billion in the previous session, the data said.
The correction during the last two sessions of the week will help the market regain strength, traders and analyst said. The upcoming week will support the market to cross and consolidate above the current levels, they added.
The share price of Sapphire Textile increased by Rs 49.99 to Rs 1,049.99 while AKD Capital gained Rs 28.64 to Rs 410.53. On the other hand, Rafan Maize lost Rs 281 today to close at Rs 9,501 while Pakistan Tobacco lost Rs 62.22 to close at Rs 1,587.78.