PSX drop 337 points amid selling pressure

KARACHI: The KSE-100 Index succumbed to selling pressure across the board, dropping 337.32 points on Wednesday as unabated institutional selling dented investor sentiment.

Trading began on a negative note with the KSE-100 experiencing a minor dip as Tuesday’s data of heavy net selling by foreign investors discouraged participation. Selling pressure increased as the day progressed, sending the index to hit an intra-day low of 43,215.72 points amid lack of positive triggers and absence of retail interest.

At close, the benchmark KSE 100-share Index ended with a decrease of 337.32 points or 0.77% to settle at 43,353.04.

Overall, trading volumes rose slightly to 207 million shares compared with Tuesday’s tally of 203.6 million.

Shares of 370 companies were traded. At the end of the day, 76 stocks closed higher, 280 declined while 14 remained unchanged. The value of shares traded during the day was Rs7.8 billion.

Unity Foods was the volume leader with 11.5 million shares, losing Rs1.26 to close at Rs24.76. It was followed by Fauji Foods with 11.4 million shares, losing Rs1.33 to close at Rs25.36 and K-Electric with 10.7 million shares, losing Rs0.10 to close at Rs6.38.

Earlier, the stocks opened bearish and shed 119 points to reach 43571 level in early trading.

On Tuesday, the equities ended on a positive note, closing up 175 points to settle at 43,690 points. Sector-wise data indicated that commercial banks added 167 points to the index gain. This was followed by fertilizer sector that added 23 points. On the contrary, cements withheld 21 points from the index. Trading volumes and value during the trading session shrunk by 5 percent.

Stocks including Habib Bank Limited (+3.3 percent), United Bank Limited (+2.3 percent), ENGRO (+1.1 percent), PIBTL (+5.7 percent) & BAFL (+2.7 percent) added 186 points to the index whereas stocks including LUCK (-1.1 percent), DAWH (-1.3 percent), DGKC (-2.2 percent), SEARL (-2 percent) & HASCOL (-2.1 percent) withheld 62 points from the index.

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