Bulls Lose Steam as PSX Goes Down by 39 Points

The 100-Index of the Pakistan Stock Exchange (PSX) lost 39 points on Wednesday, a negative change of 0.03 percent, closing at 118,537 points as compared to 118,576 points on the last trading day. In its note brokerage firm Topline Securities highlighted that after two consecutive sessions of a powerful bull run, the local bourse witnessed a hot-and-cold trading day, marked by heightened volatility and strategic profit-taking. The benchmark KSE-100 index swung widely, hitting an intraday high of 884 points and a low of 427 points, before closing at 118,537 points, it added. On the upside, heavyweights such as ENGROH, FFC, MEBL, and UBL led the charge, collectively adding 470 points to the index. However, the rally lost some steam as OGDC, MCB, BAHL, and MARI dragged the index down by a combined 354 points, offsetting much of the early momentum, Topline added. A total of 609,063,142 shares were traded during the day as compared to 684,294,646 shares the previous trading day, whereas the price of shares stood at Rs. 41.913 billion against Rs. 52.586 billion on the last trading day. As many as 451 companies transacted their shares in the stock market, 207 of them recorded gains and 191 sustained losses, whereas the share price of 53 companies remained unchanged.