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Profit-taking at historic highs sinks Pakistani stocks

Xinhua, November 14, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) snapped a three-day historic rally on Monday as investors resorted to booking profits at the all-time historic high above the psychological level of 43,000 points.

The Pakistan Stock Exchange's benchmark KSE 100-Index declined by 0.75 percent or 323.19 points to 42,525.93 points on Monday when compared with 42,849.12 points recorded on Friday. During the three-day bullish run, the main index accumulated 735.21 points to hit an all-time peak of 42,849.12 points on Nov.11.

The KSE All-Share Index trimmed down by 0.78 percent or 228 points to 29,157.74 points, the KSE 30-Index plunged by 1.13 percent or 263.03 points to 22,936.93 points, the KMI 30-Index nosedived by 1.12 percent or 799.83 points to 70,519.96 points, whereas the Islamic All-Share Index deflated by 0.84 percent or 169.85 points to 20,142.65 points.

During Monday's trading session, the main index moved in a healthy range of 684.37 points as it touched an all-time intraday peak of 43,084.67 points as against an intraday low of 42,400.30 points.

Banks largely inflicted losses at the local bourse as United Bank Limited (UBL) and Habib Bank Limited (HBL) contributed 104 points to the overall decline and ended 2 percent and 2.9 percent lower respectively.

Profit-selling was also recorded in cement sector stocks as Lucky Cement (LUCK), Fauji Cement Limited (FCCL), and Dera Ghazi Khan Cement (DGKC) decreased by 2 percent each.

Market volumes improved by 2.28 percent or 12.354 million shares to 554.304 million shares on Monday when compared with 541.949 million shares posted on Friday.

Market capitalization reduced by 0.79 percent or 68.67 billion rupees (654.005 million U.S. dollars) to 8.597 trillion rupees (81.88 billion U.S. dollars) whereas trade value shrank by 1.26 percent or 224.265 million rupees (2.135 million U.S. dollars) to 17.609 billion rupees (167.711 million U.S. dollars).

Among 424 active scrips on Monday, prices of 250 issues depleted, 161 advanced, whereas values of 13 other companies stayed unchanged.

Bank of Punjab, Pakistan International Airlines and Summit Bank were the top traded companies with turnovers of 62.677 million shares, 47.117 million shares, and 42.674 million shares, respectively.

Abbott Laboratories was the top price gainer with an increment of 22.5 rupees (21.43 U.S. cents) to 897.35 rupees (8.54 U.S. dollars) while on the other hand, Nestle Pakistan led the major price shedders with a decrement of 253.50 rupees (2.41 U.S. dollars) to 8,310.50 rupees (79.15 U.S. dollars). Endit