Stocks close lower as investors book profits

KARACHI: Pakistan Stock Exchange (PSX) endured a volatile session on Thursday, with the indices swaying both ways in search of a clear direction before ending in the red.

“The market saw profit booking today after testing the 46,000 level a number of times during the week. Selling activity was mainly observed in banks, cement and E&P sectors, which was caused by a host of reasons including a slight decline in international crude oil prices. Fertilizer stocks, particularly FFBL, performed well on the back of DAP subsidy announced and taken into effect today,” a report issued by Arif Habib Ltd read.


In line with the recent trend, the benchmark KSE-100 Index started the session on positive note, touching its intraday high at 46,272.58 after accumulating 180.62 points. The index, however, failed to sustain the positive momentum thereon and fell to its intraday low at 45,852.83 (-239.13 points). It finally settled lower by 102.61 points at 45,989.35.

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Among other indices, the KMI-30 Index plunged 551.47 points to close at 74,014.92, while the KSE All Share Index lost only 20.54 points, ending at 32,044.00. The session had 182 advancers and 188 decliners.

The overall market volumes contracted from 845.20 million in the previous session to 618.52 million shares (-27pc). Average traded value also declined by 26pc, from $167.7 million to $123.7 million. Technology & communications sector remained the top traded sector with 91.83 million shares exchanging hands, followed by power generation & distribution and commercial bank sectors, exchanging 77.32 million and 58.56 million shares, respectively.

Sectors that gragged the benchmark index lower included oil & gas exploration (-144.47 points), cement (-59.79 points) and fertilizers (-41.49 points). Among the companies, Oil and Gas Development Company Ltd (OGDC -1.89pc), Hub Power Company Ltd (HUBC -0.90pc) and Engro Corporation Ltd (ENGRO -0.79pc) dented the index the most.

Losing 1.19pc from its market capitalization, the oil & gas exploration sector ended as the session’s worst performer, with OGDC (-1.89pc), Pakistan Oilfields Ltd (POL -1.35pc) and Pak Petroleum Ltd (PPL -1.07pc) closing in the negative.

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