Pakistan stocks slide 242 points in profit taking

Pakistan stocks slide 242 points in profit taking

KARACHI: Pakistan Stocks fell by 242 points on Wednesday as investors opted for profit taking during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,165 points from previous day’s closing of 46,407 points, showing an increase of 242 points.

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Analysts at Arif Habib Limited said that volatile session was observed at PSX today.

Market opened on a bleak note but value buying was witnessed in the first trading hour.

Main board activity remained dull but market witnessed hefty volumes in the 3rd tier stocks.

In the last trading hour, investor opted for profit taking across the board which led the index to close in red zone.

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Analysts at Topline Securities said that Pakistan equities closed on a negative note where benchmark KSE100 Index settled at 46,166 level (down 0.52 per cent).

Market witnessed a range bound trading session where market make an intraday high of 235 points and low of 344 points. Profit taking has been witnessed across the board where major decliner were Cements, Banks and Technology sectors, as LUCK, UBL, MLCF , and TRG closed lower.

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Sectors contributing to the performance include Cement (-93.0 points), Banks (-62.9 points), Inv. Banks (-15.7 points), Engineering (-15.5 points) and Textile (-15.5 points)

Volumes decreased from 493.6 million shares to 474.6 million shares (-3.9 per cent DoD). Average traded value also decreased by 10.9 per cent to reach US$ 67.9 million as against US$ 76.2 million.

Stocks that contributed significantly to the volumes are Flying, WTL, GGL, TELE and TPLP.

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