KARACHI: On Tuesday, the market plunged down by 426.82 points closing again below 42,906 points.
The Karachi Share Index (KSE-100) closed down by 426.82 points (-0.98 per cent) after closing at 42,906.94 points against the previous closing of 43,333.76 points. The market went up 43,478.97 points during intra-day trading, while recorded as low as 42,757.94 points.
Trading volume increased to 561.46 million shares today as compared to 516.46 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 22.634 billion from Rs 22.467 billion in the previous session, the data said.
According to the AKD Securities, profit-taking dominated throughout the day in the stock market despite favourable current account surplus figures of $445 million in November 2020, or $1.6 billion in the last five months.
The federal government has also got extension in debt relief from G-20 countries of $1.7 billion for a period of six months, the analyst said. The margins for Oil Marketing Companies (OMC) Sector were high, but profit taking by the investors kept share prices down.
On international level, the oil prices were down owing to the UK’s COVID-19 outbreak and likely pressure from the on-going futures roll-over week formed a basis for broad-based profit-taking today, the analyst claimed.
In term of volumes, the overall market traded 806 million shares where TRG recorded the highest volumes for the day with 24 million shares traded followed by UNITY (16 million shares traded) and ANL (15 million shares).
A major contribution to the index came from GHGL (up 6.04%) while TRG was the biggest drag on the index (down 4.91%).