The Pakistan Stock Exchange (PSX) closed in the negative territory today, shedding approximately 300 points as foreign investors offloaded shares, according to Ahmed Chinoy, economic expert and director of PSX.
Chinoy highlighted that the selloff by foreign investors, coupled with some fund liquidations and typical weekend position squaring, contributed to the downturn. Despite the recent negative trend, Chinoy expressed optimism, noting that the market’s overall trajectory remains positive after a strong week.
He emphasized the natural occurrence of corrections following an 18,000point rise, reflecting healthy market dynamics where buying interest persists alongside profittaking.
The market data showed a decrease in both the KSE30 and KSE100 indices, with the KSE100 index closing at 119,649.14 points, down by 312.77 points, or 0.26%. The turnover in the regular market also saw a decline from the previous session, with traded value falling to approximately 29 billion PKR.
The report from the PSX indicated that out of 465 ready market companies, 206 closed positive, 209 negative, and 50 remained unchanged. The future market saw similar trends with a slight increase in the number of companies closing negative.
Top companies by turnover included AtTahur Ltd., which saw significant trading activity despite closing marginally lower. Meanwhile, some companies like Lotte Chemical and P.T.C.L. experienced price increases during the session.
In terms of specific company performance, PIA Holding Company LimitedB and Khyber Textile Mills Limited saw notable increases in their rates, while Unilever Pakistan Foods Limited and Nestle Pakistan Limited faced declines.
Overall, while today’s market activity showed a decline, Chinoy assured that the underlying market sentiment remains robust, with corrections being a regular aspect of market behavior.