The index opened in the green however profit taking soon caused it to recede into the negative. Strong volumes with a bearish trend indicate an overbought market. Investors will continue to look for positive triggers.

Inflows of foreign direct investment (FDI) jumped 63% compared to the last month. However, flows were still below the figure for last year. Data released by the Pakistan Bureau of Statistics showed that textile exports had posted a 19% growth in the current year. Growth figures can be skewed due to the low base year due to closures related to the pandemic.

Asian equities were taking a cue from the broader global market and closed the last trading session in the negative. The Nikkie 225 in Japan posted a -2.07% decline showing reverberations of an indication of change in the FED stimulus plan.

At the closing bell 151 companies had advanced with 220 closing in the red. 19 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 227m from 304m (-25% on d/d basis). Major contribution to total market volume came from SILK, HUMNL and WTL combined for 354m shares out of the total market volume of 839m shares.