The KMI-30 index remained in a negative trend during trading activities on Thursday at the Pakistan Stock Exchange (PSX) and the market closed down 880.31 points. Cautious behavior by investors and selling pressure in the energy and technology sectors affected the overall performance of the market.
At the beginning of the trading day, the KMI-30 index opened at 242,003.47 points, while the index reached a high of 243,002.03 points in the initial session. However, the index later fell to a low of 240,055.31 points due to increased selling. At the end of the market, the index closed at 240,340.56 points.
According to statistics, the KMI-30 index recorded a total decline of 0.36 percent. According to experts, investors adopted a cautious strategy due to recent volatility, as a result of which the market was under pressure.
The most negative impact on the market was SYS, which pushed the index down by 243.59 points. Similarly, PPL contributed 160.21 points, FFC 115.06 points, OGDC 108.75 points while HUBC contributed 61.59 points.
On the other hand, a few companies tried to support the market. FCCL emerged as the most prominent pillar, which added 68.50 points to the index. AIRLINK contributed 27.79 points, LUCK 19.29 points, MEBL 18.41 points while DGKC contributed 16.61 points.
In terms of trading volume, 94.21 million shares were traded in the constituent stocks of the KMI-30 index, which shows the presence of investors. However, according to experts, investors are more interested in assessing market trends rather than making new investments.
On a fiscal year-to-date basis, the KMI-30 index is still in the positive zone with a growth of 29.99 percent. However, on a calendar year-to-date basis, the index has recorded a decline of 3.30 percent, which reflects the recent market pressure.
According to analysts, global economic uncertainty, fluctuations in crude oil prices and local economic factors are affecting the Pakistan stock market. According to them, the selling trend in the energy and technology sectors has weakened the market sentiment.
Economists say that if economic indicators improve in the coming days and investor confidence is restored, the market can take a positive direction again. According to them, the current downturn can also be termed as a short-term correction.