PSX down, KSE-100 index falls 699 points

The business environment at the Pakistan Stock Exchange remained cautious on Wednesday, and the major indices ended the day with a decline. In the initial phase, the market tried to show better performance; however, the increasing selling pressure later affected the confidence of investors.

The KSE-100 index entered trading at a level of 172,875.70 points. At one point, the index reached 173,174.19 points, which created hope for an improvement in the market. However, this momentum could not be sustained, and the index continued to be under pressure in the second half of the session.

The lowest level of KSE-100 was recorded at 171,801.67 points during the trading session. At the end, the index closed at 171,943.60 points after a decline of 698.57 points. Thus, the overall market decreased by about 0.40%.

There was also a clear difference in the buying and selling of shares. According to the available market data, the share prices of 293 companies fell, while 162 companies saw an improvement. The share prices of another 114 companies remained at the previous level. A total of 477.67 million shares were traded, and 333,439 deals were recorded.

The negative mood of the market was not limited to the KSE-100. The KMI-30 index, which comprises Sharia-compliant companies, also fell by 1,493.10 points to 244,613.98 points. It recorded a decline of about 0.61 percent.

In KMI-30, OGDC, SAZEW, NRL, ATRL and HUBC provided some support to the index, but weakness was more prominent in FFC, LUCK, MEBL, MARI and PRL. In KSE-100, a few companies, including PSEL and UBL, played a positive role; however, selling in some shares of large companies affected the overall performance.

The current market situation shows that investors are preferring a cautious strategy rather than immediate aggressive buying. The market trend in the coming sessions may be influenced by investor confidence, demand for shares of large companies and overall economic conditions.