KARACHI: The Pakistan Stock Exchange (PSX) came under pressure after a four-day upward rally pushed the share prices to the levels ready for profit-taking and corrections. The benchmark KSE-100 Index closed the day in negative after a roller coaster ride and intraday corrections and gains. The absence of any negative news and selective buying kept the market from heavy decline.
Karachi Share Index (KSE-100) ended the day 64.36 points (0.13 per cent) up at 48,126.90 points against the previous closing of 48,191.26 points. The market went as high as 48,286.31 points during intra-day trading, while recorded as low as 47,957.91 points.
Trading volumes declined to 1.04 billion shares today, as compared to 1.39bn shares yesterday. The daily traded value also fell to Rs27.77bn from Rs30.48bn in the previous session, the data said.
Despite the correction, the benchmark Index maintained its position above 48,000 points mark during mid-day and at the close of the day. The investors were active on both selling for profit-taking and buying selective stocks in the hope for better returns going forward.
The benchmark KSE-100 Index started the day in positive as an extension of the four-day-long upward rally. The buying at the start of the session pushed the Index above 48,250 points barrier within the first 30 minutes of the trade today. However, the profit-taking pushed the market in negative territory. “The corrections are natural for the market, and also healthy,” traders and analysts said. “This was due and expected that profit-taking and consolidation at the current levels need some corrections before moving further ahead.”
As the market managed to sustain current pressure and consolidated above the 48,000 mark by closing today, it is likely to provide strong footing for another rally, they added.
The share price of Unilever Foods increased by Rs649 to Rs16,499, while Wyeth Pakistan Limited gained Rs184.65 to Rs2,646.66. On the other hand, Nestle Pakistan lost Rs113.67 today to close at Rs5.586.33 while Pakistan Engineering lost Rs29.57 to close at Rs380.
