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Profit-taking pushes Pakistan's PSX off record highs

Xinhua, May 24, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) fell for the first time after seven trading sessions on Tuesday as investors opted for profit-taking after four straight sessions ending on the record peaks thereby inflating prices of major listed scrips.

The Pakistan Stock Exchange's benchmark KSE 100-Index shed 0.38 percent or 141 points to 36,582.35 points on Tuesday when compared with 36,723.35 points reported on Monday. During the seven-day bullish run, the main index piled on 674.59 points.

The KSE All Share Index slipped by 0.42 percent or 104.63 points to 24,790.72 points, the KSE 30-Index fell by 0.65 percent or 138.11 points to 21,224.47 points, the KMI 30-Index sank by 0.48 percent or 311.11 points to 64,268.35 points, whereas the Islamic All Share Index dropped 0.25 percent or 43.81 points to 17,141.59 points.

During Tuesday's trading session, the main index travelled in a narrow range of 240.35 points as it touched an intraday high of 36,793.50 points as against an intraday low of 36,553.15 points.

Profit-taking was witnessed as focus remained on future position rollover. A further decline in banks was witnessed after the rate cut was announced over the weekend. Both MCB Bank (MCB) and Habib Bank Limited (HBL) declined by 0.8 percent and 1.8 percent, respectively and contributed 56 points to the overall fall.

Market volumes swelled by 12.38 percent or 32.864 million shares to 298.412 million shares on Tuesday when compared with 265.548 million shares posted on Monday.

Market capitalization declined by 0.42 percent or 31.433 billion rupees (308.171 million U.S. dollars) to 7.447 trillion rupees (73.016 billion dollars) whereas trade value improved by 6.85 percent or 732.776 million rupees (7.184 million dollars) to 11.435 billion rupees (112.116 million dollars).

Among 385 active scrips on Tuesday, prices of 199 issues depleted, 156 advanced, whereas values of 30 other companies stayed unchanged.

Karachi Electric Limited, Lotte Chemical, and Sui Northern Gas Pipelines Limited were the top traded companies with turnovers of 65.336 million shares, 20.89 million shares, and 15.751 million shares, respectively.

Ghandhara Industries was the top price gainer with an increment of 16.37 rupees (16.04 cents) to 343.85 rupees (3.37 dollars) while on the flip side Nestle Pakistan XD led the major price shedders with a decrement of 100 rupees (98.03 cents) to 7,000 rupees (68.62 dollars). Endit