Wednesday’s capital market day was a wild ride, with investor sentiment veering drastically between optimism fueled by recent economic developments and profit-taking in companies that had experienced notable rises in earlier sessions.
The KSE-100 Index first rose 1.2%, or 1,376.02 points, to 116,236.7 intraday high. But after a sharp turnaround, the market closed at 111,070.29, a historic single-day fall of 3,790.39 points, or 3.3%, after plunging as low as 110,896.27 during the day.
The biggest one-day drop in profit-taking is recorded by PSX.
The volatility of the session was ascribed by analysts to a combination of stock-specific events and profit-taking in high-performing companies.
According to Muhammad Saad Ali, Director of Research at Intermarket Securities Ltd., “profit-taking is evident in some names that had rallied the hardest recently.”
