Stock market sheds 294 points on profit taking

Stock market sheds 294 points on profit taking

KARACHI: The stock market fell by 294 points on Tuesday as the market witnessed selling pressure after touching 40,000 points.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 39,578 points from previous day’s closing of 39,872 points, showing decline of 294 points.

Analysts at Topline Securities said that the traditional KSE market volatility was seen at the bourse today, where at one point, the index gained to make an intraday high of 459 points.

However, succumbed to selling pressure as investors came in to book their profit above 40,000 index level.

KSE 100 index closed at 39,578 level (down by 0.7 percent) breaking its winning streak.

The index closed in red zone after closing in the green zone for six consecutive trading sessions.

Intraday rally was observed in banking sector, where higher than expected CPI number for the month of June 2020 and increase in yields of government paper in the secondary market garnered investor interest.

Major contribution to the index came from PSX, JLICL, UBL, AGP and DAWH, whereas on the other hand ATRL, TRG, SYS, EPCL and SEARL lost value to weigh down on the index.

Traded volume and value for the day stood at 594 million shares (up by 10 percent on DoD basis) and Rs.26.5 billion (up by 3 percent DoD basis) respectively.

TRG was today`s volume leader with around 45.6 million shares.