KARACHI: On Monday, Pakistan Stock market failed to maintain the bull run extended from the last week and closed the day in negative.
The Karachi Share Index (KSE-100) lost 48.92 points (0.11 per cent) after closing at 45,605.42 points against the previous closing of 45,654.34 points in the previous session. The market went up to 46,108.97 points during intra-day trading, while recorded 45,533.11 as the lowest intra-day level.
KSE-100 index crossed the 46,000 mark in the early hours of the session. The main reason for this was the inflated prices in the oil and energy sector.
KSE-100 index opened plus and reached 46,109.36 points in the morning. However, the extended gains and profit taking in energy and oil shares followed by rally in previous two days on back of increase in international oil prices pushed the index back below 46,000 levels by 12:15 pm. However, the momentum failed to sustain against the profit taking in oil and energy sector stock.
Trading volume declined to 588.03 million shares today as compared to 696.43 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 17.74 billion from Rs 21.64 billion in the previous session, the data said.
The correction was awaited for the last two sessions and it can prove positive for the overall market sustainability, traders and analyst said. The upcoming financial results and expectations of positive news will help market to regain investors’ interests. Banking, cement and IPPs are likely to be the limelight during this week, they added.
The share price of Colgate Palmolive increased by Rs 145 to Rs 3,200 while Service Ind. gained Rs 35.38 to Rs 875.89. Similarly, Sapphire Textile lost Rs 47.61 today to close at Rs 912.01 while Nestle Pakistan lost Rs 37.09 to close at Rs 6,770.