Stocks decline by 284 points on profit-taking

Stocks decline by 284 points on profit-taking

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ended down by 284 points on Tuesday. The stocks fell due to profit-taking observed during the day, analysts said.

The index closed at 47,828 points as against the previous day’s closing of 48,112 points, showing a decline of 284 points.

The analysts at  Arif Habib Limited said that after posting an increase in the past three consecutive sessions, the index saw profit booking across the board, with PSO being the prominent one due to lower than anticipated payout despite high earnings.

Similarly, Cement, Steel and E&P sectors saw selling activity which kept the index under pressure.

The technology sector showed mixed reactions with AVN, NETSOL, and SYS floating above LDCPs. Among scrips, WTL led the volumes with 43.6 million shares, followed by TELE (30.9 million) and GGL (25.5 million).

Sectors contributing to the performance include Cement (-64 points), Fertilizer (-60 points), Banks (-60 points), O&GMCs (-52 points) and E&P (-36 points).

Volumes slightly declined from 397.6 million shares to 394.9 million shares. Average traded value also declined by 8 per cent to reach US$ 82.8 million as against US$ 89.9 million.

Stocks that contributed significantly to the volumes include WTL, TELE, GGL, BOP and ANL, which formed 36 per cent of total volumes.

Stocks that contributed positively to the index include PSEL (+37 points), HUBC (+22 points), MTL (+7 points), ARPL (+6 points) and PIBTL (+5 points). Stocks that contributed negatively include ENGRO (-50 points), PSO (-41 points), MEBL (-33 points), PPL (-29 points) and LUCK (-28 points).