PSX sheds 1,492 points as selling hits heavyweights
“The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) traded sharply lower at midday on Thursday, losing 1,492.16 points, or 0.83 per cent, to stand at 177,591.64. The index had touched an i…”
The index had touched an intraday high of 180,310.44 earlier in the session before selling pressure pulled it down. It recorded a low of 177,317.80 during the day. The previous close stood at 179,083.80.
Trading volume in the index reached 164.54 million shares, while the value of shares traded stood at Rs15.22 billion. The market remained open. Read:Oil falls over $1 on easing geopolitical fears and oversupply worries.
The decline follows a session on Wednesday in which the index closed 251.44 points, or 0.14 per cent, lower at 179,083.80 after late profit-taking pared earlier gains that had briefly taken it above 180,000. Selling was observed in key sectors including commercial banks, cement, oil and gas exploration companies, oil marketing companies and power generation.
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Index-heavy stocks such as HUBCO, OGDC, PPL, PSO, HBL, MCB, MEBL and UBL traded in the red. Investors appeared to be booking profits after recent gains. The index remains higher for the week and month despite the midday pullback.
Trading continues, and the final close will depend on activity in the remaining session.
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