KARACHI: Pakistan Stock Exchange (PSX) on Wednesday managed to maintain an upward trend for the third day in a row however the resistance near 48,000 points level called in profit-taking and washed away decent gains achieved during the first half of the trading day.
The Karachi Share Index (KSE-100) ended the day with 31.56 points (0.07 percent) up at 47,789.88 points against the previous day’s closing of 47,758.32 points. The market went as high as 47,979.89 points during intra-day trading while as low as 47,709.88 points.
Overall, market sentiments remained directionless as the number of companies that ended the day with a decline in share prices were slightly higher compared to gainers. Shares of 492 companies were traded, of which 229 registered an increase and 237 recorded a fall, while 26 remained unchanged.
The market capital increased by Rs14.9 billion, while total value traded inclined by Rs1.1 billion to Rs15.15 billion. The volume at the PSX moved up from 443 million shares recorded in the previous session to 532 million shares.
The market started the day in a positive mood as investors remained interested in selective buying, however, the appreciation in prices and the nearing psychological resistance near the 48,000 points barrier triggered profit-taking, traders and analysts said. The investors preferred to invest like day traders and booked profits with every noticeable upward move, they added.
The share price of Nestle Pakistan increased by Rs171.46 to Rs6,050, while Colgate Palmolive gained Rs49.66 to Rs2,912.99. On the other hand, Premium Textile lost Rs30 today to close at Rs410, while Pakistan Engineering lost Rs16.42 to close at Rs976.31.
