PSX Loses Steam as KSE-100 Sheds Over 700 Points

The 100-Index of the Pakistan Stock Exchange (PSX) saw bearish trend on Thursday, losing 715, a negative change of 0.58 percent, closing at 122,046 points as compared to 122,761 points on the last trading day. A total of 758,542,306 shares were traded during the day as compared to 749,799,164 shares the previous trading day, whereas the price of shares stood at Rs. 29.934 billion against Rs. 28.030 billion on the last trading day. As many as 473 companies transacted their shares in the stock market, 200 of them recorded gains and 237 sustained losses, whereas the share price of 36 companies remained unchanged. In a note, brokerage firm Topline Securities pointed out that after two consecutive sessions of strong gains, the local bourse witnessed a round of profit-taking today, driven by fiscal year-end considerations and short-term portfolio rebalancing. The benchmark KSE-100 index saw a volatile ride, climbing as high as 656 points intraday before settling at 122,046 points, reflecting a cautious investor mood as the quarter draws to a close, the firm said.