KARACHI: Despite taking a position in the morning and gaining 443 points during the intra-day trading, the KSE-100 index closed negative at PSX. The analyst believed the profit-taking was at the higher side during the day as the index closed down.
The Karachi Share Index (KSE-100) closed down by 15.38 points (-0.04 per cent) after closing at 43,250.84 points against the previous closing of 43,266.30 points. The market went up to 43,711.86 points during intra-day trading, while recorded as low as 43,123.09 points.
Trading volume improved to 702.2 million shares today as compared to 629.5 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 29.201 billion from Rs 26.434 billion in the previous session, the data said.
According to the AKD Securities, there was some improvement in large scale manufacturing (LSM) data up to 5.4 per cent in the last five months of the current fiscal year which supported the market today. The market investor sentiments as broad-based buying drove the market to exhibit relatively strong intra-day gains of 1.01%.
However, profit-taking at higher levels dominant in oil & gas and cement exacerbated the selling pressure which pared back intra-day gains, the analyst claimed. Preliminary data suggests that selling by foreign corporates likely continued in banks while it is difficult to ascertain with certainty at this time if passive net inflows continued in oil & gas (E&P) today, the analyst added.
In term of volumes, the overall market traded 877 million shares where HASCOL recorded the highest volumes for the day with ~63 million shares traded followed by ANL (43mn shares traded) and PIBTL (~37mn shares).
A major contribution to the index came from MCB (up 2.34%) while HUBC was the biggest drag on the index (down 2.18%).