Daily Times

Stocks hit the pause button on Wednesday, after Benchmark KSE-100 index crested a nearly 4-year high in the previous session, as investors resorted to profit-taking.

On Wednesday, the index clocked at 48,126.90 level after losing around 64 points by the closing bell, still hovering about 48,000 level despite volatility.

The Index traded in a range of 328.40 points or 0.68 percent of the previous close, showing an intraday high of 48,286.31 and a low of 47,957.91.

During the day investors took to profit booking on the back of 8% MoM index gains in May’21, a closing note by Aba Ali Habib said.

Moreover, delays in payments to Independent Power Producers (IPPs) took to the limelight as the first tranche amounting to Rs89.9 billion is set to expire on June 07, 2021 which was approved by ECC and Cabinet committee, the report said.

Irfan Saeed, Senior Vice President, BMA Capital Management Limited, said that Market took a pause and investors booked profit, after recording nearly 1,400 points gains in the last three sessions on strong economic indicators. But Saeed, said Wednesday’s close neither reflects a resistance nor a correction at this level. During the session Market Capital decreased by Rs.1.24 billion, while total value traded decreased by 2.71 billion to Rs.27.78 billion.

The volume at KSE-100 receded from 456.37 million shares recorded in the previous session to 361.19 million shares, while volume at all shares index remained around 1.04 billion shares.

At KSE-100 the volume chart was led by World Call telecom limited followed by Byco petroleum Pakistan Limited and Pakistan Telecommunication Limited. The scrips exchanged 202.68 million, 59.11 million and 36.19 million shares.

During the session, sectors which dented the index were Oil & Gas Exploration Companies with 50 points, Cement with 29 points, Commercial Banks with 25 points, Technology & Communication with 23 points and Fertilizer with 11 points.

Among the scrips, the most points taken off the index was by Habib Bank Limited which stripped the index of 35 points followed by Oil & Gas Development Company Limited with 21 points, Pakistan Petroleum Limited with 17 points, Lucky Cement with 16 points and TRG Pakistan with 14 points.

However, sectors propping up the index were Automobile Assembler with 18 points, Miscellaneous with 13 points, Refinery with 13 points, Oil & Gas Marketing Companies with 10 points and Leather & Tanneries with 9 points.

Among the scrips, the most points added to the index was by Kot Addu Power Company Limited which contributed 15 points followed by National Bank of Pakistan with 14 points, Honda Atlas Cars (Pakistan) Limited with 14 points, Shifa International Hospital with 13 points and Unity Foods Limited with 13 points.