Pakistan stocks shed 62 points on profit taking

Pakistan stocks shed 62 points on profit taking

KARACHI: Pakistan stocks fell by 62 points on Monday owing to profit taking witnessed during the trading.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,541 points from last Friday’s closing of 46,602 points, showing a decline of 62 points.

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Analysts at Topline Securities said that Pakistan equities commenced the week on a positive note led by Oil & Gas Exploration sector on the backdrop of rally in global oil prices and market chatter of one time heavy dividend in the OGDC and PPL stocks.

The benchmark KSE-100 index kicked off the day in the green zone and made an intraday high at 46,970 (+369 points; up 0.79 per cent).

READ MORE: KSE-100 index gains 117 points amid positive sentiments

But, at the aforesaid level profit taking took place which pushed market towards the intraday low at 46,419 (-183 points; down 0.39 per cent) before settling at 46,540 (-62 points; down 0.13 per cent) for the day.

E&P, Fertilizer and Power sector’s stocks contributed positively today to the benchmark index where OGDC, PPL, FFC, HUBC & POL added 261 points, cumulatively.

READ MORE: Pakistan stocks rally on PKR stability

On the flip side, SYS, EPCL, LUCK & UBL have seen some profit taking as they lost 98 points collectively, today.

About 255 million shares traded today at the bourse while total value clocked in at Rs. 9.6 billion. GTECH was the volume leader of the day with the trading of 21.1 million shares in it, today.

READ MORE: Pakistan stocks slide 242 points in profit taking