KARACHI: The Pakistan Stock Exchange (PSX) extended the previous day’s correction mode as investors opted for materializing profits followed by an almost two-week-long bullish rally. The benchmark Index came under selling pressure and retreated below 47,000 points market by the mid-day today.
The main reason is the expected profit taking due to increase in prices that touched the levels attractive for investors to book some gains. The benchmark KSE-100 Index was trading at 47,936.09 down 211 points at 12:30 pm compared to the previous day close.
The market started the day in a positive mode that pushed the benchmark Index near to 48,500 points levels in the first 20 minutes of the trade. The physiological barrier proved strong as the selling pressure due to profit-taking triggered the correction and led the index to retreat in negative territory. Despite several attempts of recovery the market remained in a bearish mood till mid-day.
The traders and analysts said the market was bound to take some corrections as expected. Despite positive news the selling seems to be for profit-taking not due to any panic like selling pressure as seen in past, they added. On the other hand, the expectations of positive announcements by corporates and hopes of a good budget will lure the investors in fresh buyings.