Karachi: The Karachi Stock Exchange (KSE) faced a sharp decline as trading activities that initially began on a positive note could not sustain momentum, leading to significant losses by the close of the day. The KSE 100-index ended the day down by 927 points due to heavy selling in the banking sector, as investor sentiment shifted towards profit-booking.
According to JS Global, the downward trend was largely influenced by major sell-offs in leading banks, including BAHL, MCB, MEBL, UBL, and HBL, which collectively contributed 305 points to the total decline. Analysts from JS Global advise investors to consider a 'Buy on dips' strategy, particularly in sectors such as Cement, Steel, Tech, and Fertilizer for future trading sessions.
The report highlighted the day’s trading activities, noting that the KSE 100-index touched an intra-day low of 78,330 points and closed slightly higher at 78,469 points. Despite the overall negative trend, some sectors showed resilience with select stocks registering gains, demonstrating the dynamic nature of market movements and the varying investor responses to ongoing economic signals.