Karachi: The KSE-100 Index went through a topsy-turvy day on Friday, as the index opened with positive momentum in the morning followed by selling pressure, pushing it down.
A rise of 800 points was registered early on, indicating a stronger bias for the day while minute by minute changes did not support the level as the trading session progressed. By 12:15 pm, the Index was at 114,796.33, showing a decrease of 223.48 points or 0.19%.
The country and its largest city found themselves thumbing through a particularly challenging day on Thursday as the KSE-100 took a big beating-comprising a loss of over 2,200 points. The trading sentiment in the country seemed to have dwelling over the global market movement, which has been volatile with trade tension and corporate earning report triggers.
The Asian market, in contrast, was on the path of a two-week second gain on the back of a positive investor sentiment with perceived shifting in US administration stance on china. This easing of the Dollar-which had depleted in recent weeks because of trade wars and US asset pricing volatility- is also good.
Digitally motivated market sentiment got a fillip as trading in tech shares registered an uptick after parent company Alphabet (Google)beat earning estimates and declared its unwavering belief in AI technology. The positive spell on the market was extended to futures by the tech sector.
Despite any positive signals relating to the international luxury markets, PSX remains highly vulnerable internally since, through the swirling fog of the unknown, the potential is evident.
The market reflects the state Copt between optimism and pessimism whereas stakeholders maintain their delicate balance against global and local factors.
[Source Credit: Business Recorder]
