KARACHI: Pakistan Stock Exchange (PSX) came under pressure after a four-day upward rally pushed the share prices to the levels ready for profit-taking and corrections. However, in absence of any negative news, the fresh and selective buying kept the market from heavy decline during the intra-day trading.
KSE-100 index maintained its position above 48,000 points mark during mid-day. The investors were active on both selling for profit-taking and buying selective stocks in the hope for better returns going forward.
The benchmark KSE-100 Index started the day in positive as an extension of the previous week’s trend, the fresh buying in technology, cement and banking stocks pushed the Index above 48,250 points barrier within the first 30 minutes of the trade today. However, the profit-taking pushed the market in negative territory.
KSE-100 Index was trading at 48,103.24 points at 2 pm down 88 points compared to the previous day’s closing. The benchmark index went as high as 48,584 points and as low as 47,960 points during the trade.
“The corrections are natural for the market, and also healthy,” traders and analysts said. “This was due and expected that profit-taking and consolidation at the current levels need some corrections before moving further ahead.”
If the market manages to sustain current pressure and consolidates above the 48,000 mark by closing today, it will create strong footage for another rally, they added.
