KARACHI: Pakistan Stock Exchange (PSX) failed to break the bearish spell as profit-taking at inflated prices and index above 47,900 points resistance forced the market to surrender against selling pressure. The benchmark KSE-100 Index had reached over two month high levels in the last bullish rally.

The Karachi Share Index (KSE-100) ended the day with 192.81 points (0.4 percent) down at 47,635.90 points against the previous day’s closing of 47,828.71 points. The market went as high as 47,916.95 points during intra-day trading while as low as 47,617.93 points.

Overall, market sentiments remained negative as the number of companies that ended the day with a loss in share prices were higher as compared to losers. Shares of 479 companies were traded, of which only 177 registered an increase and 282 recorded a fall, while 20 remained unchanged.

The market capital declined by Rs17.5 billion, while total value traded declined by Rs2.2 billion to Rs11.5 billion. The volume at the Pakistan stock market inched down from 394.9 million shares recorded in the previous session to 384.6 million shares.

There is a repeated rend in the market since last few weeks that indicated higher chances of profit-taking near or above 47,900 points levels, traders and analysts said. However, there are expectations that once the market manages to breach and sustain 48,000 points levels will open possibilities of new highs in upcoming months, they added.

The share price of Wyeth Pakistan Limited increased by Rs82.24 to Rs1,781.29, while Allawasaya Textile gained Rs39.49 to Rs566.11. On the other hand, Pakistan Services lost Rs70 today to close at Rs1,005, while Sapphire Fiber lost Rs59.01 to close at Rs806.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.


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