Karachi, After reaching an intra-day record high, the Karachi Stock Exchange witnessed significant profit-taking that led to a substantial drop in the KSE100 index, which closed at 71,695, down 1,048 points. This downturn was influenced by lower-than-expected dividend announcements, notably from HUBC which announced an interim dividend of Rs2.5 per share.

According to JS Global, despite the decline, certain stocks like AGL, IMAGE, OCTOPUS, and GHNI closed at their respective upper limits, indicating selective gains amid overall losses.

The report details a challenging day for the KSE100 index, which after an optimistic opening, faced aggressive profit-taking actions from investors. This led to a decline not only in the KSE100 but also in the KSE30 index, which saw a decrease of 491.85 points. The broader market sentiment was further dampened by unexpected dividend announcements, contributing to the day’s losses. Market turnover increased to 613 million shares from the previous day.

Despite the day's volatility, JS Global Capital highlighted a significant year-to-date growth, with the KSE100 index up by 14.80% for the calendar year and 72.96% for the fiscal year, reflecting a robust longer-term market trend. The market's capitalization stood at 9,871.67 billion PKR, down by 1.46% day over day, while the overall market capitalization in USD terms was reported at 35.52 billion.

JS Global anticipates the future direction of the market will likely hinge on the policy rate decision expected later today, indicating that investor sentiment may continue to be influenced by macroeconomic factors and monetary policy adjustments.