Stocks gain 35 points amid profit taking

Stocks gain 35 points amid profit taking

KARACHI: The stocks gained 35 points on Wednesday amid across the board profit taking observed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,916 points as against previous day’s closing of 45,881 points, showing an increase of 35 points.

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Analysts at Arif Habib Limited said that the market opened on a positive note today and managed to remain positive during the day.

Index went up to 339 points and closed 35.12 points although activity remained ranged bound today with sluggish activity and profit taking was witnessed once again today across the board. However, market witnessed good volumes in 3rd tier Stocks.

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Although activity continued to remain sideways as foreign flows in banking sector was expected.

Sectors contributing to the performance include E&P (+53.4 points), Fertilizer (+21.1 points), Textile Composite (+10.6 points), Power (+10.1 points) and Inv. Banks (+5.4 points).

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Volumes increased from 339.1 million shares to 514.4 million shares (+51.7 per cent DoD). Traded value also increased by 8.8 per cent to reach US$ 60.2 million as against US$ 55.3 million.

Stocks that contributed significantly to the volumes include WTL, UNITYR3, HASCOL, CNERGY and TELE.

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