Stocks fall into correction led by institutions
Business
February 9, 2021
The capital market on Monday recorded selling pressure with institutions choosing to book their profits in overbought heavy weights amid market adjustment and resistance at 47,000 points level, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index lost 0.39 percent or 183.92 points to close at 46,721.87 points level. Volumes decreased 428.626 million shares, from 440.278 million shares traded on Thursday. KSE-30 shares index also dipped 0.39 percent or 76.14 points to end at 19,499.85 points level.
Salman Ahmad, head of institutional sales at Aba Ali Habib, said, “Market has been under pressure since the index breached the 47,000 points level; need some time to pull out from the selling pressure as adjustments failed to keep the pace.”