Advertisement
Advertisement
Advertisement
Advertisement
Pakistan equity market gains 46 points amid profit-taking

Pakistan equity market gains 46 points amid profit-taking

Pakistan equity market gains 46 points amid profit-taking

Pakistan equity market gains 46 points amid profit-taking

Advertisement

KARACHI: The Pakistan stocks witnessed profit-taking on Thursday after the announcement of the government’s plan to resolve the circular debt, which fuel the bullish momentum in the market, analysts said.

The benchmark KSE-100 Index closed at 40,804 points, up 46 points, or 0.11 per cent. The All-share volume decreased 8 per cent to 175 million shares against 189 million shares traded on the previous trading day.

An analyst at Arif Habib Limited said a positive session was witnessed at the PSX.

“The market opened in the green zone and went on to reach an intraday high of 461.47 points before trading in the same range for the remainder of the day. However, during the final trading hour, the investors chose to book profits on their positions, dragging the index down.”

Additionally, the cement sector stocks also rallied; following reports that Afghanistan may reduce the price of its coal in a preferential trade agreement (PTA) with Pakistan.

Advertisement

Ahsan Mehanti at Arif Habib Corporation said that the stocks showed bullish activity on easing political noise after the Punjab Assembly secured chief minister on members’ vote of confidence and the finance minister’s assurance over government not taking over commercial bank dollars.

“The midsession pressure remained on the rupee instability, dismal data on auto sales, declining textile exports and reports of a surge in the National Savings rates. The UAE’s $1 billion additional approval and deferment of $2 billion loan repayment for financial support and speculations in the earnings season played a catalytic role in the bullish close.”

Volume leaders in the benchmark KSE-100 Index included WorldCall Telecom (WTL) with 13 million shares, Pakistan Refinery Limited (PRL) with 10 million shares and the Pakistan Petroleum Limited (PPL) with the volumes of nine million shares.

Going forward, the analysts expect the upward potential of the KSE-100 Index to be limited until uncertainty surrounding the IMF’s ninth review is resolved.

Also Read

Rupee down 21 paisas against dollar
Rupee down 21 paisas against dollar

KARACHI: The rupee witnessed a decline of 21 paisas against the dollar...

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article
Advertisement
In The Spotlight Popular from Pakistan Entertainment
Advertisement

Next Story