Profit-taking eclipsed the business at the Pakistan Stock Exchange (PSX) on Wednesday after the index topped 166,000 mark, which was an all-time high, reported 24NewsHD TV channel.
During the intraday trading, the PSX’s benchmark KSE-100 index lost 532.88 points to drop to 164,960.70 points.
So far, 338 companies were active in the stock market; 252 recorded gains, 127 recorded losses, while 19 remained unchanged.
The continued upward trend in the stock exchange reflects the trade and business community’s increasing confidence in the government’s economic policies, analysts said.
As the government enters the crucial stage of negotiations with the IMF, market participants remain hopeful that any progress on the review will strengthen investor confidence.
However, concerns linger regarding the ongoing review and its impact on Pakistan’s fiscal stability, with some analysts noting that achieving targets set by the IMF remains a challenging task.
Earlier on Tuesday, the PSX had gained 1,645.90 points, a positive change of 1 percent, closing at 165,493.59 points.
A total of 1,349,798,022 shares were traded during the day compared to 1,285,638,674 shares the previous day, whereas the share value stood at Rs 76.77 billion against Rs 65.76 billion on the last trading day.
As many as 488 companies transacted their shares in the stock market, out of which 176 recorded gains, 288 sustained losses, whereas 24 remained unchanged.
The three top-trading companies were WorldCall Telecom with 113,573,124 shares at Rs 1.74 per share, Pak Elektron with 110,391,976 shares at Rs 56.68 per share, and Bank of Punjab with 94,026,621 shares at Rs 27.15 per share.
PIA Holding Company LimitedB witnessed a maximum increase of Rs 700.36 per share, closing at Rs 25,984.99, followed by Unilever Pakistan Foods Limited which rose by Rs 319.69 to close at Rs 30,820.00.
On the other hand, Rafhan Maize Products Company Limited recorded a maximum decrease of Rs 515.46 per share to close at Rs 10,283.67, followed by Pakistan Engineering Company Limited which declined by Rs 55.84 to close at Rs 524.52.
Reporter: Kawish Memon