Market watch: Stock market undergoes correction
Benchmark KSE-100 index drops 64.36 points to close at 48,126.90
KARACHI:
The three-day winning streak at the Pakistan Stock Exchange (PSX) came to an end on Wednesday with a slight drop of over 60 points in the benchmark KSE-100 index amid a lack of positive triggers.
The index displayed volatility and moved between intra-day high and low of 95 and 231 points respectively.
Absence of positive cues kept investors cautious throughout the trading session. Profit-booking was noted in cement, exploration and production and fertiliser sectors.
Earlier, taking cue from Tuesday’s performance, stock trading began on a bullish note, but bears soon took over and dominated market proceedings throughout the session.
Stocks put up a spectacular show in the rollover week cheering some promising tidings and are likely to stay the course betting on budgetary incentives and growth-spurring measures, dealers said.The.
Stocks on Friday closed above 47,000 points on improved growth prospects, overwhelming response to Wapda’s green bond, and hopes of dovish monetary stance, dealers said.Pakistan Stock.