Benchmark KSE-100 index closes up 30 factors at 36,265.12. PHOTO: AFP/FILE
KARACHI:
The Pakistan Inventory Trade (PSX) on Tuesday reversed course after two days of notable positive factors as buyers resorted to profit-booking at increased valuations, pulling the benchmark KSE-100 index down by over 1,500 factors.
The market’s downturn was primarily triggered by promoting in blue-chip shares from fertiliser, vitality, banking and know-how sectors. The battle for management between bulls and bears continued for nearly all through the day and ultimately the latter prevailed.
Within the morning, the market obtained off to a constructive begin, when it hit the intra-day excessive of 163,385 factors. It remained within the black for under a quick interval and dropped shortly. Following steady fluctuations, the index reached its intra-day low of 161,159 greater than an hour earlier than the tip of buying and selling.
At shut, the KSE-100 index registered a major fall of 1,521.39 factors, or 0.93%, and settled at 161,281.77.
In its assessment, Topline Securities stated bears returned to the inventory market as buyers booked income after a two-day rally. “The native bourse witnessed renewed bearish sentiment the place buyers opted for profit-taking. The KSE-100 index remained beneath stress for many of the day, touching the intra-day low of 1,643 factors earlier than settling at 161,282, down 1,521 factors (0.93%),” it stated.
Blue-chip counters together with Engro, Mari Petroleum, Financial institution AL Habib, MCB Financial institution and TRG Pakistan led the decline, which collectively eroded 543 factors from the benchmark index.
Regardless of the unfavourable shut, the general market exercise stayed vibrant, with buying and selling volumes rising to 899 million shares and traded worth reaching Rs37 billion, Topline added.
Arif Habib Restricted (AHL) reported that Tuesday noticed a consolidation part following two classes of robust positive factors. On the KSE-100 index, 17 shares rose whereas 81 fell with Fauji Fertiliser Firm (+1.77%), Pakistan Companies (+9.62%) and DH Companions (+10%) contributing essentially the most to index positive factors. Engro Holdings (-1.6%), Mari Petroleum (-2.06%) and Financial institution AL Habib (-2.32%) have been the largest index drags, it stated.
AHL identified that Finance Minister Muhammad Aurangzeb in a digital speech on the Pakistan Worldwide Maritime Expo & Convention stated that seafood exports may cross $2 billion within the subsequent three to 4 years in comparison with the present exports of $500 million.
Amongst company information, Fauji Cement (-1.75%) and Kapco (-1.44%) will collectively purchase 84.06% of the entire issued and paid-up capital of Attock Cement. “The upside is anticipated to renew from the present help zone, which is 160-162k,” AHL remarked.
General buying and selling volumes decreased to 899.4 million shares in contrast with the earlier tally of 949.4 million. The traded worth of shares stood at Rs37.3 billion.
Shares of 479 firms have been traded on the prepared market, out of which 133 closed increased, 314 declined and 32 remained unchanged.
WorldCall Telecom led the volumes chart with buying and selling in 78.9 million shares, dropping Rs0.04 to shut at Rs1.81. It was adopted by Telecard Restricted with 76.9 million shares, rising Rs0.81 to shut at Rs12.68 and Ok-Electrical with 71.6 million shares, gaining Rs0.23 to shut at Rs5.52. International buyers have been sellers of shares value Rs717.8 million, in accordance with NCCPL.
