Karachi: Pakistan Stock Exchange (PSX) failed to sustain pressure from the profit-taking by the day traders as the previous two-day bulls run provided them to materialize quick profits or even compensate the losses during the week long fall last week.
The benchmark Karachi Share Index (KSE-100) lost 99.81 points (0.21 per cent) after closing at 46,768.14 points against the previous closing of 46,867.95 points. The market went up to 47,305.86 points during intra-day trading, while recorded as low as 46,726.21 points.
Trading volume increased to 701.76 million shares today as compared to 514.2 million shares traded in the previous session, according to PSX website data. The daily traded value inclined to Rs 28.5 billion from Rs 25.3 billion in the previous session, the data said.
Due to a sharp rise for the last two days and inflated prices the market was already under selling pressure, traders and analyst said. The market was expected to take a break or consolidate by closing near 47,000 points mark and in second go breach and close above it. However, today it went far above it in one go that triggered the profit-taking, they added.
The share price of Millat Tractors increased by Rs 55.23 to Rs 1,210.64. while Sunrays Textile gained Rs 50.01 to Rs 737.99. On the other hand, Pakistan Tobacco lost 64.20 today to close at Rs 1,530.30 while Bata Pakistan lost Rs 49 to close at Rs 1,780.
