KARACHI: The Pakistan Stock Exchange bounced back on Wednesday and started trading day after adding 363 points to reach 44248 level in early trading.
On Tuesday, the stocks nosedived, shedding over 800 points in the initial hours of the trading session, however recovering later to finally close down to 43,886 points, declining by 416 points at the end of the day. This hysteria was due to massive losses posted by the US stocks tumbling markets across the globe on the back of rising bond yield.
Traded volumes plunged by 16 percent DoD to 238 million shares while value traded fell to $77 million. Top volume stocks were ANL (6.5 percent), TRG (5.0 percent), LOTCHEM (2.4 percent) and SSGC (1.0 percent). Pressure was witnessed in all the sectors across the board. From the cement sector, PIOC (-3.5 percent), KOHC (-3.0 percent), LUCK (-2.6 percent), DGKC (-2.4 percent), MLCF (-1.1 percent) and CHCC (-0.7 percent) shed 80 points cumulatively and closed down in red. Moreover from the E&P sector, OGDC (-0.8 percent), PPL (-1.4 percent) and POL (-1.7 percent) closed in the red. Moving forward, experts expect market to remain volatile in the near term with flows from the local institutions and foreigners directing the market.
