The shares underwent a sale pressure on the Pakistan Stock Exchange (PSX) on Thursday while the reference index KSE-100 abandoned the early gains and closed with a drop of more than 700 points in a profit.
At the start of the trading, the market has extended its healthy momentum for the last two days, reaching an intra-day level at 123,418 during the very first hour.
However, taking the profits emerged shortly after, which gradually passed the index to an intra-day hollow of 122,142 before the end of trading. At Close, the KSE-100 index moved to 122,046.46, down 715.18 points, or 0.58%.
“After a gain of almost 6.6,000 points (up 5.7%) in the last two sessions after the ceasefire in Iran-Iranel, the PSX experienced a profit day today (Thursday). Consequently, the KSE-100 index ended the session at 122,046 by linking 715 points,” said Ali Najib, the negotiation head (Ahl).
During the negotiation hours, the reference index saw some sales, the 2010 financial year settlement on Monday, June 30. There are institutional investors, which follow the accounting of the date of the settlement and must be postulated, if necessary, he said.
“Early earnings were extended up to 123,400 before the market ended to end 0.58% lower from the day at 122,046,” AHL wrote in its daily report. While 71 actions have decreased, only 27 advanced, reflecting a largely negative feeling.
Engroe fertilizers (+ 2.22%), national foods (+ 8.07%) and Pakistan Petroleum (+ 0.79%) were the main contributors to index gains.
On the other hand, Bank Al Habib (-2.84%), Lucky Cement (-1.86%) and Habib Bank (-2.59%) were the largest streaks, he said.
In a key event, the Supreme Court gave a boost to the suspended cement sector The High Court of Lahore’s directive which obliged manufacturers based in Punjab to pay 6% royalties on the price of efficiency.
In addition, Organic Meat Company won 5.64% after announcing its intention to start exporting beef twists to Europe, an important decision considered by investors as a step towards diversification and growth, AHL said.
“Before the last session of the week, the KSE-100 increased 1.69% up to date,” he said and expected that the level of 120,000 acts as key support and a potential base to push around 130,000.
Global negotiation volumes increased to 758.5 million shares, compared to 749.8 million on Wednesday. The value of negotiated shares was 30 billion rupees. The actions of 473 companies have been negotiated. Among these, 200 actions closed above, 237 fell and 36 remained unchanged.
Pakistan International Bulk Terminal was the volume leader with 37.5 million shares, losing RS0.06 to end at Rs8.52. It was followed by Worldcall Telecom with 33.3 million shares, down RS0.04 to end at RS1,45 and Pervez Ahmed Consultancy with 33 million shares, winning RS0.25 to end at Rs3.29.
