KARACHI: Pakistan stock market after observing some recovery at the start of the day as an extension of marginal gains yesterday failed to break the bearish spell on Wednesday as investors booked profits and adopted cautions policy.

The benchmark KSE-100 index despite the strong start failed to sustain pressure from the selling side and ended the day with a loss of 368.96 points (0.77 percent). The market declined to 47,318.03 points compared to 47,686.99 points in the previous trading day.

On Wednesday, the market seemed to be under bulls influence in the early part of the day as investors were active in selective buying at discounted prices. However, the appreciation of the benchmark index above 47,800 points and 47,700 points level with the increase in share prices triggered profit-taking at the later part of the day that led to an increase in pressure to push index to close below 47,500 points levels today.

Overall market sentiments were negative as most companies ended the day with a decline in share prices. Shares of 432 companies were traded, of which only 91 registered an increase, while 329 recorded falls and 12 remained unchanged.

The market capital declined by Rs56 billion, while the total value traded declined by Rs1.6 billion to Rs12.26 billion. The volume at PSX moved down from 432 million shares recorded in the previous session to 365 million shares.

The share price of Colgate Palmolive increased by Rs93.98 to Rs2,787.98, while Gatron Ind. gained Rs35.50 to Rs563. On the other hand, Wyeth Pakistan lost Rs44.85 today to close at Rs2,031.15, while Mehmood Textile lost Rs39.81 to close at Rs504.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.


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