The Pakistan Stock Exchange closed red for the second consecutive day following Pakistan's reclassification in MSCI's Emerging Markets, with the benchmark KSE-100 Index losing 302 points (0.58pc) to close at 51,511 points.

After opening in the green for a brief period, the market entered correction mode, losing ground as investors abandoned their positions.

"Stocks closed lower amid a major fall in global equities and institutional profit-taking after MSCI announced results," said Ahsan Mehanti, analyst at Arif Habib Corp.

"Textile stocks outperformed on a likely [relief] package in the federal budget and finance minister's focus on 6pc GDP growth. Pre-budget uncertainty and foreign outflows played a catalyst role in the bearish close," he added.

KSE-100 volumes dropped to 107.33 million shares, worth a total Rs12.88 billion. Only 26 of the indexed stocks managed to gain during the day.

396 symbols were active on Wednesday, of which 186 gained, 187 declined and 24 remained unchanged.

Overall volumes touched 371.8m shares, worth Rs18.13bn.

Trading volumes were led by:

  1. WorldCall Telecom: 38.9m shares traded (+9.22pc)

  2. Dost Steels Ltd: 25.43m shares traded (-1.00pc)

  3. Lotte Chemical: 20.86m shares traded (+3.38pc)

  4. TRG Pak Ltd: 14.38m shares traded (+0.71pc)

  5. Engro Polymer: 13.84m shares traded (-2.13pc)

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.