KARACHI: Pakistan stock market failed to break the bearish spell on Monday despite a decent recovery during intraday trade that led to profit-taking before the close. Investors remained cautious regarding the fourth wave of COVID infection and seem to act as day traders keeping portfolios as light overnight.

The benchmark KSE-100 index, despite some strong start of the day, failed to sustain pressure from the selling side and ended the day with a loss of 120.39 points, retreating to 47,672.68 marks compared to 47,793.07 points in the previous trading day.

On Monday, the market participants turned initiated selective buying in the stocks at the discounted share prices due to previous declines; however, at the later part of the day, the profit-taking created selling the pressure that resulted in a sharp reduction in share price by the end of the trading day.

Shares of 187 companies were traded, out of which 187 registered an increase, 187 recorded a fall, and 20 remained unchanged.

The market capital declined by Rs15 billion, while the total value traded increased by Rs2.4 billion to Rs13.55 billion. The volume at the Pakistan stock market moved up from 314 million shares recorded in the previous session to about 450 million shares.

The share price of Unilever Foods increased by Rs400 to Rs16,400, while Colgate Palmolive gained Rs79.46 to Rs2,777.46. On the other hand, Wyeth Pakistan lost Rs37.60 to close at Rs2,091.50, while Sheild Corporation lost Rs31.80 to close at Rs392.20.

The writer is a member of staff
The reporting desk can be reached at info@thecorrespondent.com.pk


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