Stocks shed 185 points amid profit taking

Stocks shed 185 points amid profit taking

KARACHI: Pakistan stocks recorded a decline of 185 points on Tuesday owing to interest of investors in profit booking.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,437 points from previous day’s closing of 43,622 points, showing a decline of 185 points.

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Analysts at Arif Habib Limited said that the market observed a range bound session today.

The benchmark KSE-100 index opened in the positive zone although investors opted to book profit which resulted the index to close in red.

The refineries and E&P sectors remained in the limelight due to result announcement during the day.

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Investors’ participation remained healthy whereas hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Miscellaneous (-58.1 points), Technology (-52.2 points), E&P’s (-25.3 points), Automobile Assemblers (-24.0 points) and OMC’s (-21.3 points).

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Volumes decreased from 541.5 million shares to 518.0 million shares (-4.3 per cent DoD). Average traded value also decreased by 3.7 per cent to reach US$ 75.8 million as against US$ 78.7 million.

Stocks that contributed significantly to the volumes are CNERGY, FFL, UNITY, PRL and HASCOL.

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