PSX ends on negative trend over lack of triggers

KARACHI: The Pakistan Stock Market (PSX) ended on a negative trend on Wednesday for the second consecutive day over the lack of triggers and reduced investor sentiments.

The KSE 100 index was on an upward trajectory in early trading and reached its highest point of 47,375.36 points in intra-day trading. The bourse plunged in the afternoon session and reached its lowest point of 47,034.95 points. It stabilized in before ending on a negative note with a decline of 98.24 (-0.21%) at 47,247.92 points. The total volume of shares was 158.292 million valued at Rs9.428bn.

The lower-bench KSE 30 index closed at 18,973.05 after decreasing by 31.97 points (-0.27%). The total volume of shares was 48.458 million.  The KMI 30 index declined by 170.00 points (-0.22%) and closed at 76,621.54 points, while the All-Share Index increased 127.13 points (-0.39%) and closed at 32,339.28 points.

The most active stock was Fauji Food Ltd (FFL) which saw 41.177 million shares traded at the stock market. This was followed by World Call Ltd (WTL 1.30%), TPL Corp Ltd (TPL 7.48%) and United Food Ltd (-069%) The total volume of scripts was 30.164 million, 20.271 million, and 16.625 million respectively.

This is the second day the stock market has ended on a downward trajectory to the lack of triggers that dampened investor sentiments. The National Command and Operation Centre (NCOC) is considering the re-imposition of stringent standard operating procedures in view of a consistent rise in coronavirus cases over the past few days.

The report has dragged the market down for the second consecutive day because the reintroduction of curbs would deal a significant blow to the recovering economy. Market sentiment was further dampened by the rising trend in international oil prices as investors feared a further increase in prices of petroleum products over the next few months in the country.