The benchmark KSE 100 index of Pakistan Stock Exchange shed 342 points or (-0.86%) Wednesday on investors dull behavior.
KSE 100 index has changed colors each day since the start of the week it ended in red color.
Analysts at Arif Habib Limited stated that the major contributors to negative sentiment were E&P and Banking sectors, however, volumes were led by Power, Banks and Chemical.
Profit booking seems to be the mantra for local investors, which was apparently matched by selling activity from foreigners. KEL dipped slightly, but maintained the rates relative to previous sessions.
The news of National Security Clearance seems to gain Investors’ confidence, which remained at a low ebb. Selling was observed across the board and index dipped by 389pts during the session, ending close to day’s low.
The Index closed at 39,272 pts as against 39,614 pts showing a decline of 342pts (-0.9% DoD).
Sectors contributing to the performance include E&P (-94pts), Banks (-65pts), Fertilizer (-55pts), Cement (-52pts), O&GMCs (-25pts).
Volumes slumped to 92.7mn shares from 122.2mn shares (-24% DoD). Average traded value also declined by 35% to reach US$ 33mn as against US$ 50.5mn.
Stocks that contributed significantly to the volumes include KEL, BOP, PAEL, PIBTL and TRG, which formed 42% of total volumes.