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Profit-taking halts PSX record-smashing spree

Xinhua, August 2, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) hit the bearish trail for the first time in five days on Tuesday as investors returned to selling counters in anticipation of profit-booking after the record run took the key index beyond 39,800 points in the previous session.

The Pakistan Stock Exchange's benchmark KSE 100-Index dipped slightly by 0.03 percent or 13.71 points to 39,786.93 points on Tuesday when compared with 39,800.64 points recorded on Monday. During the five-day bullish spree, the top index had accumulated 783.32 points and smashed an all-time closing high on four consecutive days.

The KSE All-Share Index swelled by 0.08 percent or 19.90 points to 26,507.40 points, the KSE 30-Index declined by 0.49 percent or 112.40 points to 22,734.25 points, the KMI 30-Index shrank by 0.64 percent or 452.30 points to 69,781.82 points, whereas the Islamic All-Share Index moved up marginally by 0.11 percent or 20.23 points to 18,508.32 points.

During Tuesday's trading session, the main index moved in a slim range of 182.12 points as it touched an intraday high of 39,856.67 points as against an intraday low of 39,674.55 points.

A consolidation phase was witnessed at the top Pakistani bourse but not all the scrips were on the receiving end. Pak-Suzuki Motor Company (PSMC) hit its upper limit of 5 percent before closing with a 4.8 percent advantage following an announcement of hike in the price of its vehicles by 3 percent.

Market volumes improved by 10.82 percent or 22.04 million shares to 225.823 million shares on Tuesday when compared to 203.783 million shares traded hands on Monday.

Market capitalization augmented by 0.08 percent or 5.965 billion rupees (58.49 million U.S. dollars) to 7.944 trillion rupees (77.887 billion dollars) whereas trade value grew by 16.40 percent or 1.76 billion rupees (17.257 million dollars) to 12.496 billion rupees (122.516 million dollars).

Among 375 active scrips on Tuesday, prices of 203 issues advanced, 147 depleted, whereas values of 25 other companies remained stable.

Dewan Cement, Sui Northern Gas Pipelines Limited, and TRG Pakistan Limited were the top traded companies with turnovers of 28.509 million shares, 19.976 million shares, and 12.385 million shares, respectively.

Atlas Battery was the top price gainer with an increment of 29.16 rupees (28.59 cents) to 643.87 rupees (6.31 dollars) while on the other hand, Nestle Pakistan led the major price shedders with a decrement of 68.75 rupees (67.40 cents) to 7,431.25 rupees (72.86 dollars). Endit