Profit-Taking Sees PSX Lose Over 570 Points

The 100-Index of the Pakistan Stock Exchange (PSX) turned bearish on Wednesday, losing 577.52 points to close at 90,286.57 points.   A total of 614,564,066 shares were traded during the day as compared to 602,810,650 shares the previous trading day, whereas the price of shares stood at Rs. 27.341 billion against Rs. 28.203 billion on the last trading day.   As many as 308 companies transacted their shares in the stock market, 103 of them recorded gains and 200 sustained losses, whereas the share price of 05 companies remained unchanged.  In a note, brokerage house Topline Securities highlighted that the market witnessed a turbulent trading session today, with the benchmark index oscillating between an impressive high of 1,008 points and a low of 860 points. This downturn was primarily driven by investors engaging in profit-taking, seizing the opportunity to lock in recent gains, thereby pushing the market into the red, it said.  Topline said a key factor influencing today’s market behavior was the heightened anticipation surrounding the T-bill auction, with investors closely monitoring its outcome. The auction is expected to provide further clarity on the direction of interest rates, which could play a crucial role in shaping near-term market dynamics.  The three top trading companies were Silk Bank Limited with 68,504,399 shares at Rs/ 1.18 per share, The Searle Company with 26,744,475 shares at Rs. 65.33 per share and WorldCall Telecom with 22,729,844 shares at Rs. 1.24 per share.  Rafhan Maize Products Company Limited witnessed a maximum increase of Rs.154.84 per share price, closing at Rs. 7,750.00, whereas the runner-up was Philip Morris (Pakistan)Limited with Rs. 74.92 rise in its per share price to Rs. 824.13.  Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs. 192.49 per share closing at Rs. 18,987.51 followed by Ismail Industries Limited with Rs. 117.98 decline to close at Rs. 1,582.01.