Bears regain control as KSE 100 index drops by 170 points

KARACHI: It remains an uncertain week for the stock market as the Pakistan Stock Exchange (PSX) on Wednesday witnessed a decline in the closing hours of trading.

The opening day of the week saw complete mayhem as the stock market pledged by 787 points but the situation changed path and normalised yesterday.

The KSE 100 index was an upward trajectory for much of the day and reached its highest level of 34,396.38 points. The indices dipped in the closing hours of trading and lost 170.44 points (-0.5%) and closed at 33,848.68 points. The total volume of shares was 144.164 million valued at Rs6.723 billion.

The lower bench KSE 30 index declined by 113.94 points (-0.77%) and closed at 14,632.79 points. The total volume of scripts were 52.861 million. The KMI 30 also depreciated by 215.82 points (-0.40%) and closed at 52,882.23 points, while the All-Share index dropped by 34.35 (-0.14%) and closed at 24,339.

The shares prices of top active stock dropped including Unity Foods (UNITY -7.46%), Jehangir Siddiqui Co. (JSCL -0.52%), Pak Refinery (PRLR1 -10.05%)and AgriTech Limited (AGL -10.50%).  Unity Food was the volume leader with 43.9 points.

The top contributor to the stock was commercial banking sector (-103.85 points) with a volume market volume of 340.37 million. Vanaspati & Allied Industries (-5.44%) had the highest change in market shares.