Massive ups and downs were witnessed at Pakistan Stock Exchange (PSX) on Wednesday as the index which made a fresh recording in the morning saw it losing all in the afternoon, reported 24NewsHD TV channel.
As the business opened in the morning, the benchmark KSE-100 index went up by nearly 800 points, also smashing the 61,000 barrier but later the stocks ran out of steam and in the afternoon all today’s gains were wiped out and bears set in.
The index was currently trading at 60,644 down by nearly 100 points after touching 61,555 mark in the morning.
Earlier, the share prices index soared to a new historic high at Pakistan Stock Exchange Wednesday morning with equities topping the 61,000 mark comfortably.
There was robust buying all around as the market opened with benchmark KSE-100 index flying to a record high of 61,417 after gaining 700 points or 1.13 percent.
The situation was not much different from yesterday when the share prices for the first time in history toss the index over 60,000.
Due to the bullish trend, the KSE-100 index had surged by 918.92 points or 1.54 percent and crossed 60,000 historic level and ended the day at highest-ever level of 60,730.26 points.
Trading activity also improved as daily volumes on ready counter increased to 779.671 million shares as compared to 657.580 million shares traded on Monday while total daily traded value on ready counter increased to Rs26.138 billion against previous session’s Rs20.272 billion.
Foreign investors also remained net buyers of shares worth $5.080 million. Total market capitalization increased by Rs98 billion to Rs8.746 trillion. Out of total 392 active scrips, 200 closed in negative and 177 in positive while the value of 15 stocks remained unchanged.
Reporter Ashraf Khan