KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 636 points on Thursday owing to profit taking seen during the day.
The index closed at 44,731 points as against previous closing of 44,367 points showing a decrease of 636 points.
Analysts at Arif Habib Limited said that bears ruled over the bulls today as disappointment occurred from the auction of market treasury bills where cut-off yields remained flat across all tenors.
Market opened on a bleak note as investors opted for profit booking but were unable to sell in the green zone.
OGMCs sector remained under pressure as petrol price decreased by 3.4 per cent to PKR 140.82/liter, causing inventory loss to oil and gas marketing companies.
Pharma sector stayed in the red zone as proposal on the cards of applicability of sales tax on the import of pharmaceutical active ingredients and local supply of medicines. Main board activity remained dull.
On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Commercial Banks (-199 points), Cement (-116 points), Fertilizer (-65 points), E&P (-64 points) and OMC’s (-44 points).
Volumes decreased from 398.1 million shares to 312.1 million shares (-21.6 per cent DoD). Traded value also decreased by 13.1 per cent to reach US$ 56.9 million as against US$ 65.5 million.
Stocks that contributed significantly to the volumes include WTL, TELE, BYCO, TRG and UNITY.
