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Profit-taking sends stocks on roller coaster

Profit-taking sends stocks on roller coaster

KARACHI: The stock market turned volatile on Friday, the last trading day of the week, with the KSE-100 index adding 262 points during the day to cross 36,000 mark.

But the index then succumbed to intense selling pressure, sinking to an intraday low by 109 points.

Investors booked gains on the back of previous three-day rally which had added 1,374 points to the index. The index settled with a comparatively minor rise of 32.22 points (0.09 per cent) at 35,973.69.

Volumes rose 27pc to 218m shares, while BOP (-0.55pc), PIBTL (+4.17pc), SNGPL (+0.38pc) and PAEL (-0.56pc) remained in the limelight with a cumulative turnover of 137m shares.

Foreign investors were net buyers of $5.01m stocks. Individuals took heart and closed as net buyers after two days of profit-taking.

“From the sector perspective, consumer discretionary, industrials and utilities fared well. Meanwhile, exploration and production, refineries, oil marketing companies, cements and banks were subjected to profit-taking,” analysts at Intermarket Securities said.

SNGP gained 0.38pc to close in the green zone on the back of material information disseminated in the market that the gas utility has entered into a loan agreement amounting to Rs54.76bn with a consortium of banks led by Habib Bank Limited.

BWCL, which rose 1.16pc, continued its upward trajectory for the second day, as the firm in its announcement yesterday posted better-than-expected earnings. OGDC (-1.40pc), POL (-1.57pc) and PPL (-1.51pc) closed in the red as the global crude oil prices fell below $44 a barrel. Some profit-taking was seen in HBL (-1.06pc) and PSO (-1.08pc) after rallying on possible inclusion in the MSCI Emerging Market index.

Courtesy : Dawn News



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