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PSX loses 574pts over profit-taking
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PSX loses 574pts over profit-taking

KARACHI: The Pakistan Stock Exchange (PSX) on Friday could not continue its upward trajectory as the benchmark KSE-100 index lost 574 points to close at 41,222 points.

Although considerably lower than yesterday, trading remained on the higher side with 222.7 million shares worth Rs8.8 billion traded on the exchange. Of the 334 scrips traded, 81 advanced, 227 declined and 26 remained unchanged.

After having gained nearly 5.4% in the previous three sessions, adding 2,130 points, the KSE-100 saw selling pressure and profit-taking as general elections loom closer.

The day kicked off with a sharp plunge with weakening economic fundamentals and profit-taking taking over investor sentiment.

Investors opted to book profits in the cement sector after two straight sessions of positivity, where PIOC (-2.89%), FCCL (-2.69%), DGKC (-2.83%), CHCC (-3.16%) and LUCK (-2.14%) closed in the red zone. Steel sector closed positive where ASTL (+3.26%) and ISL (+2.17%) were the major movers of the sector.

ENGRO (-0.42%) released its material information where the company informed PSX about its proposed transaction for sale of up to 36% of its stake in Elengy Terminal Pakistan (29% of total outstanding shares of ETPL). The transaction is expected to result in a one-time gain of Rs7/share on ENGRO’s income statement.

Moving forward, we expect the market to depict a similar trend and recommend investors to see any upside in the market as an opportunity to sell.

Overall, trading volumes decreased to 222.7 million shares compared with Thursday’s tally of 337.1 million. The value of shares traded during the day was Rs8.8 billion.

Shares of 350 companies were traded. At the end of the day, 82 stocks closed higher, 244 declined while 24 remained unchanged.

Bank of Punjab was the volume leader with 20.9 million shares, losing Rs0.63 to close at Rs12.28. It was followed by Lotte Chemical with 19 million shares, losing Rs0.04 to close at Rs12.83 and K Electric with 14.1 million shares, losing Rs0.19 to close at Rs5.44.