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Market watch: Bourse ends gloomy week down as profit-taking continues

  • May 19, 2017



KARACHI: Despite Pakistan’s successful transition to a MSCI rising marketplace standing early this week, unbroken sessions during a bourse unsuccessful to simulate financier unrestrained and final trade day of a week was no different.

At tighten on Friday, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index showed a tumble of 214.57 points or 0.42% to finish during 50,742.03.

Elixir Securities researcher Ali Raza pronounced Pakistan equities sealed fourth uninterrupted event in a red as morning gains were wiped out by profit-taking.

“The day kicked off on a certain note with bonds trade aloft for a brief period, helped especially by oil shares as investors tracked uptrend in tellurian wanton prices,” he said.

Market watch: KSE-100 continues to tumble as investors book profit

However, a KSE-100 could not means a gains for prolonged as profit-taking continued, essentially in blue chips, that dragged a index nearby 50,750 by market’s close, pronounced Raza.

“Upcoming proclamation of financial process during a weekend and sovereign bill subsequent week expected kept many investors on a sidelines,” a researcher said.

JS Global researcher Nabeel Haroon pronounced a flighty event was witnessed during a bourse as a KSE-100 index traded between an intra-day high of +241 points and intra-day low of -290 points.

“Most of a offered vigour was witnessed in second half of a day, that resulted in a marketplace shutting during 50,742 (-214 points),” pronounced Haroon.

“Friday’s vital laggards were UBL (-1.15%), Hubco (-1.85%), Lucky Cement (-1.14%) and HBL (-0.54%) as they cumulatively contributed -112 points to a index.”

The concrete section continued a prior day’s trend of profit-booking as Cherat Cement (-3.63%), DG Khan Cement (-1.69%) and Lucky Cement sealed in a red zone.

Market watch: KSE-100 falls next 51,000 as offered persists

On a other hand, a scrutiny and prolongation (EP) section gained to tighten 0.36% aloft than a prior day as US oil prices climbed to a one-month high, trade during $49.93 per barrel, pronounced Haroon.

Pakistan Oilfields (+2.13%) and Pakistan Petroleum Limited (+1.06%) emerged as winners of a EP sector.

Overall, trade volumes increasing to 345 million shares compared with Thursday’s total of 302 million.

Shares of 413 companies were traded. At a finish of a day, 243 bonds sealed aloft and 162 declined while 8 remained unchanged. The value of shares traded during a day was Rs12.4 billion.

Silkbank was a volume personality with 24.3 million shares, gaining Rs0.04 to tighten during Rs1.91. It was followed by Summit Bank with 21.4 million shares, gaining Rs0.29 to tighten during Rs6.63 and Kohinoor Spinning with 16.2 million shares, gaining Rs0.76 to tighten during Rs1.87.

Foreign institutional investors were net sellers of Rs412 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.

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