The stock market experienced a downturn partly due to the rollover week and the anticipated upcoming budget, explained Ahmad Chinoy, an economic analyst and Director of the Pakistan Stock Exchange, on Tuesday.
He identified institutional investors’ substantial purchases as a factor pushing the market to trade near 119,000 points. Chinoy highlighted that increased selling pressure could lead to further declines, although he reassured that the dip is part of normal trading activity, urging investors not to panic while they await potential budget updates.
The KSE100 index fell by 718.51 points, closing at 118,971.13, while the KSE30 saw a decrease of 281.37 points, ending at 36,283.39. Turnover in the ready market rose to 437,920,561 from the previous 425,372,280, despite a drop in traded value to 20,811,079,108 from 22,274,770,847. Market capitalization also decreased to 14,331,727,408,625 from the previous 14,391,712,080,101.
Amid the fluctuations, AtTahur Ltd. and Gul Ahmed recorded significant turnovers, with AtTahur closing at 49.69 and Gul Ahmed at 23.97. PIA Holding Company Limited and Khyber Textile Mills Limited saw increases in rates, while Hoechst Pakistan Limited and Sapphire Textile Mills Limited experienced declines.
Investors remain cautious as they await any new developments from the budget announcement that could impact market dynamics.