Market holds 170,000 level despite broad-based selling and cautious investor sentiment.
Image: Free Press Journal
Pakistan Stock Exchange extended its losing streak on Wednesday as geopolitical tensions in the Middle East and profit-taking pressured investor sentiment.
The benchmark KSE-100 index fell by 831.13 points, or 0.49%, to close at 170,190.64. Despite the decline, the market managed to hold above the key 170,000 level during volatile trading.
Selling pressure was broad-based, with 74 stocks declining and only 25 advancing. Heavyweight stocks such as Lucky Cement, UBL, Meezan Bank, Engro Holdings, and Hubco dragged the index down, while select gains in Honda Atlas Cars, MCB Bank, Systems Limited, and Pakistan Petroleum Limited offered limited support.
Market participants cited uncertainty over regional conflicts and global oil prices as key reasons for the bearish trend. Investors also remained cautious ahead of the upcoming federal budget, expected on June 10, keeping trading activity subdued.
Overall sentiment remained weak, with foreign investors recording net sales of Rs379 million. Analysts said the index traded in a wide range during the session but continued to show signs of support around the 170,000 mark.
