KARACHI: Pakistan stock market saw volatile trade as the fresh buying on dips supported market to bounce back after correction. The benchmark Index moved several times in both directions due to selling pressure.
The market started the day in positive that led the Index above 48,000 points in the first hour of the trading day. The market came under profit-taking due to an increase in prices that enticed investors to book some gains. The traders and analysts termed midday corrections with range-bound movement positive for the market.
The benchmark KSE-100 Index was trading at 48,112 points at 1:00 pm, up 125 points from the previous day’s close. The index reached as high as 48,134.94 points and as low as 47,912.82 points during the trade today.
Traders and analysts term the intra-day correction healthy as it will prove positive for strengthening the market. The range-bound trend in market movement and several attempts to break the negative pressure reflects investors’ interest in fresh buying on dips, they added.