PSX falls after 126,000 barrier crossing for the first time

The Pakistan Stock Exchange (PSX) presented a Rollercoaster ride on Thursday. The KSE-100 reference index increased to a high record of 126,025.99 points during intravenous trading, marking the third consecutive day of profits.

However, by the end of the meeting, the market fell to negative territory, deleting earlier profits.

The PSX KSE-100 reference index closed at 124,093.12, reduced by 259.56 points or 0.21%, from the previous closure of 124.352.68.

During the meeting, the index increased by 1,673.31 points, or 1.35%, in the first transactions, marking a new milestone for bourse during intra -abdominal trade.

The index reached a daily high of 126.055.32 and a low 124.807.09.

The volume of trading was recorded in 113,574,464 shares, with a total value of 11,375,804,736.

Earlier on Wednesday, the PSX saw an important rally, with the KSE-100 index increased by 2,328 points (1.91%) at a high level of 124,352.68, fueled by investor optimism after the announcement of the federal budget.

The budget, which maintained the status quo for shares taxation and increased the withholding tax on bank deposits, was welcomed by market participants, as was considered favorable to capital markets and the economy.

Analysts emphasized that the provisions of the budget, including projections of a 3.9% fiscal deficit and a federal PSDP RS1 trillion, added to the optimistic feeling.

Read more: PSX in New Peak as a sparks budget optimism

Arif Habib Corp MD Ahsan Mehantti noted that stocks have reached a new high -end high, led by activity throughout the investment, as investors cover the status quo for shares and higher bank deposit taxes on the Budget Budget.

Wide participation has led to the rally, with strong profits in areas such as cement, oil and gas, banking and fertilizers. Notable stocks such as Lucky Cement, Fauji Fertilizer and Pakistan oil saw significant profits.

Investor confidence was further strengthened by avoiding new taxes and continuing subsidies for basic sectors.

JS Mubashir Anis Naviwala said the stock market greeted the budget with strong optimism, breaking all levels of resistance to cross the 124,000 sign.

A new historical high intravenous 124,588 was achieved before the index installed at 124,353, increased 2,328 points.

The market showed a sharp increase in trading volumes, reaching 1.04 billion shares, worth 46.7 billion Rs. The negotiation of the day also saw a positive trend in the shares, with 283 stocks closing higher.

However, foreign investors sold $ 1.1 billion worth of shares, as reported by the National Clearance Company.