Karachi: Pakistan’s stock market remains stuck under a bearish spell as the profit-taking and panic selling made the market fall for the third day in a row. The Benchmark KSE-100 index closed below 45,500 points level on Tuesday.
The Karachi Share Index (KSE-100) lost 366.17 points (0.8%) after closing at 45,362.58 points against the previous closing of 45,728.75 points. The market went as high as 45,887.82 points during
intra-day trading, while recording as low as 45,210.87.15 points.
Trading volume declined to 557.5 million shares today, as compared to 718.2 million traded in the previous session, according to Pakistan Stock Exchange (PSX)’s website data. The daily traded value inched up to Rs 26.24 billion from Rs 25.29 billion in the previous session, the data said.
The market opened on a bearish note due to selling pressure, and weak sentiments extended for the last two days. KSE-100 index, just after the first hour of the trade, started its downward journey and kept following the previous day’s trend by the end of the trading day. However, the decline in prices and corrections created the potential for fresh buying that can cover losses fast, traders and analysts said. All it will need is a trigger of news related to any positive development that can help investors gain confidence, they added.
The share price of Bata Pakistan increased by Rs 50 to Rs 1,800, while Shield Corporation gained Rs 23.57 to Rs 337.86. On the other hand, Gatron Ind. lost Rs 42.39 today to close at Rs 532.50, while Shezan Inter. lost Rs 25.57 to close at Rs 315.44.