PSX slips further as investors resort to profit-taking

Benchmark index decreases 147.39 points to settle at 34,887.64



Following a highly bearish trade at the stock market in the preceding session, the trend continued on Thursday as well as the market plunged further amid macroeconomic concerns. The KSE-100 index nosedived from the moment trading began, but it managed to stage a quick recovery. The index continued to climb, but the momentum could not be sustained and it once again fell into the negative zone. A lack of positive triggers also contributed to the dull trading, which pushed the KSE-100 below the significant barrier of 35,000 points.

Overall, trading volumes decreased to 78.1 million shares compared with Wednesday’s tally of 113.2 million. The value of shares traded during the day was Rs3.7 billion. Shares of 304 companies were traded. At the end of the day, 139 stocks closed higher, 145 declined and 20 remained unchanged.

Maple Leaf Cement was the volume leader with 7.2 million shares, gaining Rs0.81 to close at Rs25.18. It was followed by Sui Northern Gas Pipelines with 4.4 million shares, gaining Rs2.79 to close at Rs71.38 and Lotte Chemical with 3.7 million shares, gaining Rs0.15 to close at Rs15.11.

Foreign institutional investors were net sellers of Rs510.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan. At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 147.39 points, or 0.42%, to settle at 34,887.64. — Agencies

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