Profit-Taking Pulls PSX Down by 476 Points After Strong Rally
The Pakistan Stock Exchange (PSX) faced a mild setback on Wednesday as the benchmark KSE-100 Index shed 476 points, closing at 146,529 compared to 147,005 in the previous session. This drop, equivalent to 0.32%, came after an impressive rally in recent days.
According to Topline Securities, the trading day began with strong momentum, pushing the index up by as much as 886 points during intraday trading. However, the bullish run was short-lived as selling pressure emerged, driving the index down to an intraday low of 587 points before settling in negative territory. Analysts described the decline as a profit-taking phase rather than a shift toward a prolonged bearish trend.
Notably, LUCK, HBL, and MEBL contributed a combined 269 points to offset some of the losses. On the other hand, heavy selling in FFC, EFERT, PPL, MCB, and HMB weighed heavily on the market, collectively dragging it down by 488 points.
Market activity saw 647.09 million shares traded, slightly lower than the 691.65 million shares recorded on Tuesday. The total value of traded shares stood at Rs. 40.89 billion, down from Rs. 44.57 billion in the previous session.
Out of 487 active companies, 199 posted gains, 240 closed lower, and 48 remained unchanged.
With the market cooling after its recent surge, analysts suggest that this pullback may present fresh buying opportunities for investors keeping an eye on long-term growth prospects in the PSX.
