The Pakistan Stock Exchange (PSX) witnessed a takeover by bears on Wednesday, halting the benchmark KSE-100 index’s impressive record-breaking run.
Throughout November, the index had surged by over 8,500 points, reaching new heights in consecutive sessions. However, the profit-taking trend finally concluded its upward trajectory, marking the end of seven consecutive positive sessions with a 6.4% increase or 3,667 points.
Market analysts view the correction as a healthy sign for prospects. They anticipate that the positive momentum of the PSX will be sustained in the coming period. The benchmark index, which had soared to a historic high of 61,555.83 points during intra-day trading, eventually closed lower by 228.27 points, or 0.38%, at 60,501.99 points.
Trading Activity and Stock Performance
The overall trading volumes reached 692.2 million shares, a slight decrease from Tuesday’s 779.6 million shares. The total value of shares traded was around Rs27.03 billion. During the session, shares of 387 companies were traded; out of these, 143 stocks closed higher, 231 declined, and 13 remained unchanged.
B.O. Punjab emerged as the volume leader, trading 50.05 million shares and closing at Rs5.61, up by Rs0.16. Cnergyico PK followed with 35.6 million shares traded, closing unchanged at Rs4.60. With 35.4 million shares traded, Pak Refinery witnessed a decline of Rs0.46, closing at Rs25.01.
