KARACHI: Pakistan stock market came under correction again after pre and post-budget rally. The market came under profit-taking due to an increase in prices that enticed investors to book some gains today.
The traders and analysts termed correction with range-bound movement positive for the market. The Karachi Share Index (KSE-100) ended the day 93.52 points (0.19 per cent) up at 48,632.56 points against the previous closing of 48,726.08
The market went as high as 48,841.65 points during intra-day trading, while recorded as low as 48,510.71 points. The trading volumes inched up to 1.22 billion shares today, as compared to 1.21 billion shares yesterday, While the daily traded value also fell to Rs28.17 billion from Rs42.85 billion in the previous session, the data said.
Traders and analysts term the corrections healthy as it will prove positive for strengthening the market. The range-bound trend in market movement and several attempts to break the negative pressure reflects investors’ interest in fresh buying on dips, they added. On the other hand, worrisome news from the economic front also gave the market an excuse for profit-taking at the current levels.
Pakistan’s import bill in the current fiscal year soared by 23 per cent. Import bill during July to May period has reached $50 billion. The main reason for the upsurge in imports has been a sharp rise in imported stuff prices of crude oil, palm oil, coal, steel, rubber, cotton and milk powder.
The share price of Wyeth Pakistan Limited increased by Rs 39.97 to Rs2,196.81 while Indus Motor Company gained Rs27.20 to Rs1,346.23. On the other hand, Nestle Pakistan lost Rs68.99 today to close at Rs5,730.01 while Sanofi-Aventis lost Rs23 to close at Rs955.