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Index tumbles 300 points amid broad profit-taking

Index tumbles 300 points amid broad profit-taking

KARACHI: Equities got hammered for the second straight day on Wednesday, with the benchmark 100-share index of the Pakistan Stock Exchange (PSX) falling 299.61 points, or 0.92 per cent, to close at 32,144.59.

Traded volume rose 14pc to 168.8m shares and traded value increased 20pc to Rs9.3bn. PTC, JSCL, TRG, PIA and SNGP stood out amongst the market leaders.

Sentiments over the banking sector once again remained weak as the top five banks dragged the index down by 95 points. MCB fell 2.33pc, HBL 1.50pc and UBL 1.40pc.

Major contribution to the downside came from HBL, MCB, OGDC, PPL and LUCK, which together pulled the index down by 160 points.

Profit-taking was seen in the oil exploration sector as investors tracked weakness in the international oil prices.

Selling was also seen in refineries, cements, textiles, pharmaceuticals and fertilisers.

Ahsan Mehanti, an analyst at Arif Habib Corporation Limited, commented that broad sell-off in selected scrips across the board on uncertainty in global equities played a catalyst role in the bearish close, with the PSX ignoring strong financial results in cement, banking and fertiliser scrips.

Pakistan Oil Fields (POL)’s share price increased by 1.9pc after it announced earnings of Rs2.3bn for October-December 2015-16, a year-on-year rise of 92pc.

The share price of PTC also rose 0.8pc following earnings announcement of Rs8.7bn and dividend of Re1 per share in during the quarter.

Signing of a sales-purchase agreement between Pakistan and Qatar led to interest in PSO stock, which gained 1.7pc.

Courtesy : Dawn News



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