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The selling pressure that started in the Pakistan Stock Exchange on Tuesday continued on Wednesday due to profit-booking ahead of the financial year closing. 

The stock market opened in the green, however, it later succumbed to the selling pressure as the bears staged a comeback. The market closed in the red with a drop of over 400 points. 

At close, the benchmark KSE-100 index closed at 41,297.73 points with a loss of 467.89 points or 1.12%.

According to Topline Securities, Pakistan equities witnessed a negative day today. However, rumours regarding a possible restriction on dividend payment of those banks which want to reclassify their Pakistan Investment Bond (PIB) triggered a selling spree in the banking sector stocks which compelled the benchmark index to see an intraday low at 41,119 points. 

Banks, technology and exploration and production stocks contributed negatively to the index. 

Shares of 316 companies were traded during the session. At the close of trading, 124 scrips closed in the green, 168 in the red, and 24 remained unchanged.

Overall trading volumes rose to 142.19 million shares compared with Tuesday’s tally of 257.16 million. The value of shares traded during the day was Rs5.34 billion.

K-Electric Limited was the volume leader with 14.37 million shares traded, losing Rs0.04 to close at Rs3.09. It was followed by Worldcall Telecom Limited with 11.61 million shares traded, losing Rs0.03 to close at Rs1.36 and Hascol Petroleum Limited with 7.56 million shares traded, gaining Rs0.24 to close at Rs4.25. 

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