The Pakistan Stock Exchange continued to decline during the trading week and the KSE-100 index closed at 166,498.84 points, down 952.30 points. Selling pressure prevailed in the market for most of the time while investors were seen adopting a cautious attitude.
At the start of trading, the KSE-100 index opened at 167,979.49 points and reached a high of 168,528.87 points in the initial session. However, the index later fell to a low of 166,398.90 points due to profit-taking and increased selling.
The market closed down by 0.57 percent overall. According to experts, investors preferred to take profits after the recent rally in the market, due to which the market was under pressure.
UBL had the biggest negative impact on the KSE-100 index, which caused a decline of 301.49 points in the index. SYS lost 85.60 points, BAFL lost 73.93 points, FFC lost 62.80 points, while PPL lost 56.17 points.
On the other hand, JVDC showed positive performance, providing support to the index by 29.96 points. FCCL, SRVI, TRG and CHCC also remained in the positive zone, but their overall impact could not be enough to stop the market’s decline.
In terms of trading volume, 185.04 million shares were traded in the constituent stocks of the KSE-100 index. According to experts, this volume shows investor interest, but new investment has been limited due to the uncertain economic situation.
The KSE-100 index has been showing a positive performance with a 32.53 percent increase since the beginning of the financial year. However, the index has recorded a 4.34 percent decline during the current calendar year.
Analysts say that global economic pressures, interest rate concerns and local economic factors are affecting the Pakistan Stock Market. The selling trend in the banking and energy sectors has weakened the overall performance of the market.
According to experts, if economic indicators improve and investor confidence is restored, the market may resume its bullish trend in the coming weeks. According to them, the current situation is also being described as a technical correction.