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KARACHI: The Pakistan Stock Exchange (PSX) once again posted a loss as the benchmark KSE-100 index fell 185 points in a volatile session.
A mixture of buying and selling pressures kept the index oscillating between red and green zones. As a result, the KSE-100 index fell 185.34 points or 0.42% to close at 43,436.48 points.
Shares of 360 companies were traded on Tuesday, of which 134 registered an increase, 208 recorded a fall, and 18 remained unchanged.
The session kicked off with a spike and the market witnessed modest buying activity till noon, driven by strong investor sentiments. After midday, the KSE-100 index saw fresh selling pressure which dragged it lower. The decline steeped in the final hours and made the equity market close with losses.
Automobile and oil sectors bore the brunt of weak investor sentiments and closed in the red while cement, banks and fertilizer segments closed mixed.
A report from Capital Stake stated that “failing to sustain the gains made during the day, the Pakistan Stock Exchange (PSX) ended the session on Tuesday in the red.”
Indices moved south for the most part of the session while volumes declined from previous close, the report pointed out.
Initially, market carried forward recent bullish momentum and made an intraday high at 43,888 (+266 points; up 0.61%) however, profit taking kicked off which dragged market to intraday low at 43,380 (-242 points; down 0.55%) before eventually settled at 43,437 points, the report said.
Base price surged by Rs5.54 to Rs197.39 (84% of total cost). Retailer & Freight Cost increased by Rs1.18 to Rs16.52. Petroleum Levy remained constant at Rs20.
Sectors pulling the benchmark KSE-100 index lower included miscellaneous (58.08 points), technology and communication (52.17 points) and refinery (26.74 points).
Volume on the all-share index contracted to 518.1 million from 541.55 million on Monday. Similarly, the value of shares traded marginally declined to Rs16.2 billion from Rs16.8 billion recorded in the previous session.