KEY POINTS
- KSE-100 closes down 243 points at 170,830
- Trading volumes and value rise day-on-day
- Market to reopen after the December 25 public holiday
ISLAMABAD: Pakistan’s equity market ended Wednesday’s session in the red after a volatile day of trade, as late selling pressure erased early gains and pushed the benchmark lower ahead of a public holiday.
The KSE-100 Index opened on a firm footing and climbed to an intraday high of 171,587 points during early trade. Sentiment weakened later in the session as investors booked profits across several index-heavy stocks, dragging the market to an intraday low near 170,641 points before a modest recovery into the close.
At the end of the session, the benchmark settled at 170,830.22, down 243.51 points, or 0.14 per cent from the previous close.
Market participants attributed the decline to cautious positioning before the holidays and the absence of fresh domestic triggers to sustain buying interest. Recent volatility has also encouraged selective trading rather than broad-based risk-taking.
Despite the weaker close, activity levels improved. Total volume on the all-share index rose to 811.56 million shares from 650.14 million in the previous session, and the value of shares traded increased to Rs 29.79 billion from Rs 28.26 billion.
Pak Int. Bulk led the volume chart with 62.13 million shares, followed by Bank of Punjab at 61.35 million shares and PIA Holding Company with 54.39 million shares. Of the 481 companies traded, 171 closed higher, 264 declined, and 46 remained unchanged, indicating negative overall market breadth.
In currency markets, the Pakistani rupee registered a marginal gain against the US dollar in the interbank market, closing at 280.20, up Rs 0.01.
Internationally, Asian equities edged higher in thin year-end trading, supported by overnight gains on Wall Street following stronger-than-expected US economic data. The positive global tone, however, failed to offset local profit-taking on the Pakistan Stock Exchange.
The PSX will remain closed on Thursday in observance of Quaid-e-Azam Day and Christmas, and trading will resume thereafter.
