KARACHI: Pakistan Stock Exchange (PSX) observed another bearish session on Wednesday as an extension of correction and drying holding capacity. The stop-loss strategy made most medium and small investors lighten portfolios.
The Karachi Share Index (KSE-100) lost 531.23 points (1.2 per cent) after closing at 43,691.68 points against the previous closing of 44,222.91 points. The market went as high as 44,422.71 points during intra-day trading, while recorded as low as 43,620.77 points.
Trading volume declined to 363.24 million shares today as compared to 492.3 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 21.14 billion from Rs 23.4 billion in the previous session, the data said.
The investors are still under pressure like previous day, traders and analyst said. Even the discounted prices followed by heavy correction yesterday did not manged to attract fresh buying today, they added. However, this correction can be termed positive as it may strengthen market and prevent some bigger losses ahead. It is witnessed that some of the stocks were trading at much higher levels only due to speculative trades, they added.
The share price of Bata Pakistan increased by Rs 37.43 to Rs 2,170.28 while Colgate Palmolive gained Rs 36.82 to Rs 2,750. On the other hand, Rafhan Maize lost Rs 500 today to close at Rs 9,700 while Pakistan Tobacco lost Rs 163.33 to close at Rs 5,926.67.