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Roundup: Profit-taking hits lackluster Pakistan Stock Exchange

Xinhua, March 15, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) on Tuesday was hit by profit-takers who cashed in on the opportunity to mint profits in the absence of major triggers amid lackluster trade.

The Pakistan Stock Exchange's (PSX) benchmark KSE 100-Index depleted by 0.35 percent or 115.54 points to 32,623.02 points on Tuesday when compared with 32,738.56 points recorded on Monday.

The KSE All Share Index slipped by 0.43 percent or 97.78 points to 22,399.21 points, the KSE 30-Index fell by 0.52 percent or 100.57 points to 19,129.39 points, the KMI 30-Index dipped by 0.33 percent or 191.82 points to 57,094.68 points, whereas the Islamic All Share Index inched lower marginally by 0.05 percent or 7.88 points to 15,414.83 points.

During Tuesday's trading session, the main index moved in a remote range of only 184.14 points which reflected the lack of interest as it touched an intraday high of 32,769.18 points as against an intraday low of 32,585.04 points.

NIB Bank and Karachi Electric accounted for 54 percent of the total trade Tuesday after the announcement of a possible merger between MCB Bank and NIB Bank. High volume was seen in NIB bank which led to stock closing up at 10.23 percent.

Oil exploration companies witnessed profit-taking amid decline in international oil prices as Pakistan Oilfields Limited (POL) and Oil and Gas Development Company (OGDC) declined 4 percent and 2.85 percent, respectively.

Cherry-picking was seen in cement sector amid attractive valuation while Engro Foods (EFOODS) remained in the limelight.

Market volumes improved by 55.12 percent or 72.536 million shares to 204.125 million on Tuesday when equated against 131.589 million shares posted on Monday.

Market capitalization reduced by 0.43 percent or 29.74 billion rupees (291.576 million U.S. dollars) to 6.814 trillion rupees (66.808 billion dollars) whereas trade value swelled by 26.65 percent or 1.675 billion rupees (16.423 million dollars) to 7.96 billion rupees (78.046 million dollars).

Among 330 active scrips on Tuesday, prices of 189 issues shed value, 116 managed to gain further, whereas prices of 25 other companies remained static.

NIB Bank Limited, Karachi Electric Limited, and Engro Foods Limited were the top traded companies with turnovers of 75.463 million shares, 35.564 million shares, and 4.996 million shares, respectively.

Rafhan Maize SPOT was the top price gainer with increment of 150 rupees (1.47 dollars) to 7,990 rupees (78.33 dollars) while on the other hand Nestle Pakistan led the major price shedders with decrement of 350 rupees (3.43 dollars) to 6,650 rupees (65.19dollars). Endit