Pakistan bourse down 68 points amid profit-taking

Pakistan bourse down 68 points amid profit-taking

Pakistan bourse down 68 points amid profit-taking

Pakistan bourse down 68 points amid profit-taking

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KARACHI: The equity market continued with Tuesday’s momentum and hit an intraday high of 42,880 points but was unable to sustain and lost to close at 42,458, losing 68 points, dealers said.

An analyst at Pearl Securities said the market opened in the green territory where profit-taking was initiated in the first half of the session.

“The investors’ interest remained hesitant, as official clarity from the International Monetary Fund (IMF) is still not visible. Moreover, the government has agreed to reintroduce tax and petroleum levy from July 1, amid the IMF demand, further dragged the participant’s attention.”

The Pakistan Stock Exchange KSE-100 shares Index shed 0.16 per cent, or 67.81 points, to close at 42,458.14 points. The KSE-30 shares Index gained 0.02 per cent, or 2.87 points, to close at 16,258.67 points.

As many as 336 scrips were active, of which 133 advanced, 176 declined and 27 remained unchanged. The ready market volumes stood at 266.09 million shares, compared with the turnover of 300.5 million shares in the last trading session.

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Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower on investors’ concerns over fresh government commitments for the IMF bailout programme to raise over Rs422 billion in tax targets for FY23 and taxes on firms likely to impact the corporate profits.

“A slump in the global crude oil prices, falling rupee and weak global equities played a catalytic role in the negative close.”

The market made an intraday high of 42,880 (+354 points) and a low of 42,408 (-118 points) to close at 42,458. The major volume leaders of the day were Pakistan Refinery Limited (PRL) with a turnover of 24 million shares, TPL Properties (TPLP) with 23 million shares and Cnergy Co with 17 million shares.

An analyst at Arif Habib Limited said the KSE-100 Index opened in the green zone, as the rupee, during the day, snapped its losing streak against the dollar, gaining Rs3.80 in the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund.

“The investors’ opted for profit-taking in the last trading hour, which led the index to close in the red zone.”

Going forward, analysts expect the market to perform in line with the positive updates over the IMF programme coupled with the rupee appreciation and lower international oil prices.

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