KARACHI: Pakistan stocks declined by 206 points on Tuesday as the market witnessed profit taking during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 46,333 points from previous day’s closing of 46,539 points, showing a decline of 206 points.
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Analysts at Arif Habib Limited said that the market witnessed profit taking today, KSE-100 index opened on a positive note but couldn’t sustain in green zone as investor opted for profit selling across the board due to weakening of Pak rupee against US Dollar. Main board activity remained dull but hefty volumes were recorded in 3rd tier stocks.
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Analysts at Topline Securities said that Pakistan equities closed red where benchmark KSE100 Index settled at 46,333 level (down 0.44 per cent). The day kicked off on a positive note where market make an intraday high of 206 points as investors cheered EPCL result announcement and material information’s where the company announced expansions and its 1Q2022 EPS at Rs5.19 along with DPS of Rs.5 which led the stock to close at its upper cap. However some profit taking has been witnessed in the second half where major laggards were HUBC, PPL, TRG and OGDC cumulatively dented the Index by 134 points.
READ MORE: KSE-100 index gains 117 points amid positive sentiments
Sectors contributing to the performance include Banks (-89.2 points), E&P’s (-72.0 points), Technology (-51.0 points), Power (-42.6 points) and Cement (-37.2 points).
Volumes decreased from 255.6 million shares to 228.6 million shares (-10.6 per cent DoD). Average traded value also decreased by 8.4 per cent to reach US$ 47.9 million as against US$ 52.3 million.
Stocks that contributed significantly to the volumes are CENERGY, GGL, WTL, TELE and LOTCHEM.
