Political instability triggered selling from institutions and high net worth investors this week which eroded more than 3000 points this week. Today market had been in the recovery mood, but mutual funds stated heavy selling in the afternoon. KSE-100 index lost 911.92 points (2.09%) and closed at 42,779.76.
The market went as high as 43,892.31 points during intra-day trading, while recorded as low as 42,689.42 points.
Trading volume increased to 406.1 million shares today as compared to 363.2 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 17.7 billion from Rs 21.1 billion in the previous session, the data said.
Pakistan market has lost 3,058 points or 6.7% in last four trading sessions. This is the highest four-day losing streak after March 18, 2020, when the market fell sharply in fear of the COVID-19 outbreak, Mohammad Sohail Mohammed Sohail, CEO of Topline Brokerage Firm said.
Discounted prices followed by a heavy correction in the last four sessions did manage to attract some fresh buying at the start of the trading day. However, when the mutual funds turned to selling that forced the market to take another dive today, traders and analyst said.
The share price of Wyeth Pakistan Limited increased by Rs 26.83 to Rs 935 while Murree Brewery gained Rs 20 to Rs 560. On the other hand, Nestle Pakistan lost Rs 237.50 today to close at Rs 5,710.50 while Sunrays Textile lost Rs 81.75 to close at Rs 1,008.25.