KARACHI: Pakistan Stock Exchange (PSX) failed to maintain a three-day-long bullish outlook that extended till the end of the first session before Friday’s midday break. The later part of the trading day came under selling pressure due to profit-taking on appreciated prices and disinvestment to secure portfolio at weekend.
The Karachi Share Index (KSE-100) ended the day 114.39 points (0.24 per cent) down at 47,686.18 points against the previous closing of 47,800.57 points. The market went as high as 48,081.90 points during intra-day trading, while it was recorded as low as 47,634.99 points.
Trading volumes moved down to 563.8 million shares today as compared to 760 million shares during the previous trading day, while the daily traded value inched up to Rs16.3 billion from Rs16.2 billion in the previous session, the data said. KSE-100 Index started the day in a positive mood and managed to jump near 47,800 points levels in just 30 minutes after the start of the trading day.
However, the selling pressure due to profit-taking capped appreciation left the market under range-bound trend till the end of the first session. Later the selling pressure pushed the market in negative territory that ended the day with decline. There has been a decent recovery in the last three days and the share prices at this level can provoke profit-taking at by the end of the day, traders and analysts said.
Under the current political situation, the investors avoided staying heavily invested to pass the weekly holiday, they added. The market proved very sensitive to issues and developments regarding US Pakistan relations, IMF negotiations, and the security situation in the country.
Chief of Army Staff General Qamar Javed Bajwa has said that the Pakistan Army will stand by the government’s decision of refusing to hand over Pakistan’s air bases to the United States for counter terrorism operations in Afghanistan. Gen Bajwa made these comments after an eight-hour long of the Parliamentary Committee on National
The share price of Sapphire Fiber increased by Rs57 to Rs847, while Bata Pakistan gained Rs47.39 to Rs1,719.66. On the other hand, Unilever Foods lost Rs990 today to close at Rs16,000 while Gatron Ind. lost Rs33.20 to close at Rs442.