Midday Report: KSE-100 index bleeds by around 500 points

August 08, 2023 (MLN): The Pakistan stock market is undergoing a correction after the strong surge in the previous month, with KSE-100 shedding 496.36 points or 1.03% DoD as of [10:29 PST] and currently standing at 47,889.89pts level.

Sector-wise, the Index is being let down by Oil & Gas Exploration Companies with 173 points, Commercial Banks with 72 points, Oil & Gas Marketing Companies with 32 points, Refinery with 21 points and Power Generation & Distribution with 18 points.

The most points taken off the Index are by OGDC which has stripped the Index of 93 points followed by PPL with 72 points, HBL with 35 points, BAHL with 30 points, and PSO with 22 points.

Profit-taking continued as market sentiment remained subdued due to ongoing political uncertainty.

To note, the KSE-100 has fallen by around 1,500pts or 3% since last week's high and is currently trading around the key 48,000pts level.

A breach below this key level can lead to a more substantial and sharp correction towards 46,000pts area.

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