The Pakistan Stock Exchange (PSX) closed on a mixed note after reaching an all-time high, as profit-taking led the KSE-100 index to dip by the end of the trading day.
The benchmark index peaked at 92,966.94 points before slipping to a closing level of 92,021.44, a decline of 282.88 points or 0.31 percent from the previous day’s close of 92,304.32.
Despite the dip, the PSX witnessed high trading activity, with a volume of 889 million shares as compared to 752 million shares the previous day, whereas the price of shares stood at 30.4 million against Rs 32.827 billion on the last trading day.
Throughout the session, shares of 200 companies recorded gains, while 200 companies saw declines, with 51 remaining stable.
The KSE-100 index’s performance, boosted by strong early gains, highlighted investor optimism but also brought about a wave of profit-taking as traders capitalized on recent gains.
READ: PSX remains bullish, gains 668 points
A day earlier, PSX announced the appointment of Farrukh H. Sabzwari as its Chief Executive Officer (CEO) on Tuesday.
As per the issued notice, Sabzwari will assume his office as CEO of the Pakistan Stock Exchange on November 18, 2024.
Farrukh Sabzwari has spent more than 25 years in senior management roles in the investment banking industry, both locally and abroad, the press release said adding he had previously served as CEO and MD of KASB Securities (local partner of BoA Merrill Lynch), BMA Capital and Country Head for CLSA Emerging Markets in Pakistan.
His time abroad includes stints at CLSA Emerging Markets in NY, USA, where he was VP sub-continent sales and at Credit Suisse in Indonesia and Singapore – where he spent seven years looking at both APAC and Frontier Markets as Director Equities sales, said PSX press release.
He also served as Chairman Security and Exchange Commission of Pakistan (SECP from (December 2018 to August 2019) and Commissioner of SECP from 2018 to 2021, a position he took up on his return to Pakistan.
