Stocks down 150 points over profit-taking

KARACHI: The Pakistan bourse witnessed a range-bound session on Friday where the investors opted for profit-taking, which drove the market to close in a red zone.

An analyst at Topline Securities said that the equities observed a range-bound session as the KSE-100 Index traded between its intraday high of 109 points and intraday low of 151 points.

“The traded volume and value declined to 151 million shares and Rs4.63 billion, respectively. WorldCall Telecom was today’s volume leader with 11.9 million shares,” he added.

The Pakistan Stock Exchange KSE-100 shares Index shed 0.36 per cent, or 150.97 points, to close at 42,309.11 points. The KSE-30 shares Index shed 0.52 per cent, or 83.94 points, to close at 15,932.55 points.

An analyst at Arif Habib Limited said that the KSE-100 Index opened on a positive note as the cement sector led the rally.

“However, the Index nosedived in the second session as the investors opted for profit-taking. The volumes continued to decline although hefty volumes were witnessed in the third tier stocks,” he added.

As many as 344 scrips were active of which 130 advanced, 193 declined and 21 remained unchanged.

The ready market volumes stood at 160.13 million shares, compared with the turnover of 248.19 million shares in the last trading session.

The companies which reflected the highest gains included Colgate Palm up Rs60.56 to close at Rs2,395.96/share, and Premium Textile up Rs48.50 to close at Rs748/share.

The companies which reflected the most losses included Premium down Rs92.96 to close at Rs1,146.54/share, and Mehmood Textile Pakistan down Rs63.28 to close at Rs860/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 11.93 million shares. The scrip shed 2 paisas to close at Rs1.26/share, followed by Flying Cement with a turnover of 9.71 million shares. It gained 11 paisas to close at Rs8/share. Silk Bank remained the third with a turnover of 8.95 million shares. It shed 5 paisas to finish at Rs1.25/share.

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