KARACHI: The benchmark KSE 100 index experienced wild fluctuations during the stock market’s session on Wednesday. However, bears outnumbered bulls, snapping a seven-session winning streak and sending the index lower.
Initially, the index rose 1,008.54 points to a high of 91,872.63 on the intraday, but bears entered the market, bringing the index down 860.78 points to a low of 90,003.31 on the day. However, the index fell 577.52 points, or 0.64 percent, to 90,286.57 at the close.
According to Ahsan Mehanti of Arif Habib Corporation, stocks closed because institutional profit-taking in overbought stocks was under pressure.
He added that a catalyst for the bearish close was foreign outflows, rising industrial gas tariffs, rupee instability, and concerns regarding the outcome of Saudi investors seeking guarantees over stable government policies for a $2 billion investment.
According to Topline Securities Ltd., investors profited primarily from the downturn by seizing opportunities to lock in recent gains and sending the market into the red.
The T-bill auction’s increased anticipation, with investors closely monitoring its outcome, was a key factor in today’s market behavior. The auction is expected to shed more light on the direction of interest rates, which could have a significant impact on the dynamics of the market in the near future.
On the performance front, Systems Ltd., Pakistan Petroleum Ltd., GlaxoSmithKline Pakistan Ltd., Engro Fertiliser, and Allied Bank Ltd. all contributed 264 points to the index. In any case, this forward movement was offset by the presentation of significant slouches, for example, Fauji Compost Company Ltd, Public Bank of Pakistan, Center Power Organization, Joined Bank Ltd, and Habib Bank Ltd, which aggregately shaved off 360 focuses.
However, the day-to-day value of the stock decreased by 3.05 percent to Rs27.34 despite an increase in trading volume of 1.9 percent to 614.56 million shares. Silkbank had 68.50 million shares traded, The Searle Co. had 26.74 million shares traded, World Call Telecom had 22.72 million shares traded, Fujifilm had 19.47 million shares traded, and Hum Network had 18.97 million shares traded.
