KARACHI: The KSE-100 Index retreated further on Wednesday as it continued its downward journey for the fifth successive session, finishing the day’s trading below 44,100 points.
The trading began on a positive note in the morning with the index surging 300 points to hit an intra-day high of 44,533.76. However, it failed to sustain the momentum and dipped 537 points later.
The gloomy outcome could be attributed to low expectations from the ongoing corporate results’ season which pushed investors to the sidelines. Additionally, institutional selling also dragged the market down.
At close, the benchmark KSE 100-share Index recorded a decrease of 184.06 points or 0.42% at 44,049.05. Elixir Securities’ analyst Ali Raza said Pakistan equities closed negative for the fifth day in a row, dragged down by losses in notable blue chips on institutional selling. The index stood above 44,000 points.
“The market saw lacklustre activity in the initial hours, however, gains in select names helped the KSE-100 Index rise to test 44,500 in intra-day trading,” Raza said.
