KARACHI: Pakistan Stock Exchange (PSX) snapped the three-day winning streak on Thursday, with the benchmark index failing to sustain gains amid profit booking.
Global equity markets also displayed a downward trend, whereas crude oil prices inched lower from the previous close; WTI crude price declining 0.09pc to $52.80 while Brent crude price falling 0.07pc to $55.49 (As at 3:46pm PST).
“After three days of trading in the green, the market fell to profit booking today; cement and banking stocks saw buying activity and healthy price performance, whereas selling pressure was witnessed in E&P, O&GMCs, technology and fertilizer sectors, which eroded all gains accumulated in early trade,” a report issued by Arif Habib Ltd read. “Among power stocks, HUBC performed well in anticipation of a change in the formula for resolution of circular debt, while banking sector stocks saw renewed interest after Fauji Foundation’s intention to acquire Silk Bank, resulting in the stock posting highest trading volumes.”
The benchmark KSE-100 Index moved in a narrow range on Thursday, registering its intraday high at 46,645.17 (+187.04 points) and low at 46,110.92 (-347.21 points). It settled lower by 292.08 points at 46,166.05.
Among other indices, the KMI-30 Index dropped 390.70 points to close at 73,617.91, while the KSE All Share Index lost 158.77 points, ending at 31,914.12.
The overall market volumes inflated from 610.92 million shares in the previous session to 843.24 million shares (+38pc). Average traded value, however, declined 10pc, from 180.9 million to $163.6 million. Silk Bank Ltd (SILK +17.56pc) led the volume chart with 354.96 million shares exchanging hands (42pc of total volume), followed by K-Electric Ltd (KEL -0.24pc) and TRG Pakistan Ltd (TRG -4.59pc). The scrips had 31.21 million shares and 27.77 million shares, respectively.
Sectors that dragged the benchmark lower included technology & communication (-89.69 points), oil & gas exploration (-66.97 points) and fertilizer (-57.01 points). Among the companies, TRG Pakistan Ltd (TRG -63.26 points), Fauji Fertilizer Company Ltd (FFC -36.84 points) and Dawood Hercules Corporation Ltd (DAWH -34.12 points) dented the index the most.
Shedding 2.64pc from its cumulative market capitalization, the technology & communication sector ended as the session’s worst performer, with Systems Ltd (SYS -3.42pc), Avanceon Ltd (AVN -3.69pc) and Hum Network Ltd (HUMNL -2.89pc) closing in the negative.