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Analyst says bears dominated trading at the bourse as the market undergoes year-end correction
KARACHI: Investors adopted a dump-and-run approach as the benchmark KSE-100 Index plunged over 2,500 points or 3.8% in intraday trading, falling below the record-breaking 65,000 level with a lack of positive triggers doing enough to push stocks deep in the red ahead of the closing of calendar year 2023.
Pakistan Stock Exchange’s benchmark KSE-100 index underwent selling pressure from the word go, dipping to a low of 62,674.12 points at the time of filing this report with volumes remaining on the lower side.
Market talk suggested year-end profit-taking and lack of positive positive macros were the major reasons behind investors’ dump-and-run approach at the bourse.
Pakistan-Kuwait Head of Research, Samiullah Tariq, said that the bears dominated trading at the bourse as the market undergoes year-end correction.
Meanwhile, the Head of Equities at Intermarket Securities Raza Jafri, told Geo.tv that the KSE-100 has shed 5% this week so far.
“The market had demonstrated a pre-election rally in the last few months but is now exhibiting nervousness as elections approach,” said Jafri, adding that the leveraged positions may also be coming in for margin calls.
More to follow…
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