Daily Times

Late selling pressure on Thursday at the Pakistan Stock Exchange (PSX) caused the KSE-100 Index to fall 0.59pc, ending a five-session surge driven by profit taking.

The KSE-100 index has risen steadily since August 2, rising 5.7 percent over the course of five trading days as investor confidence rises and the rupee posts significant gains. On Thursday, however, the bullish run paused due to profit taking and a lack of favourable catalysts. The KSE-100 index ended the day down 251.52 points, or 0.59pc, at 42,243.33 due in part to a rise in global oil prices. The day’s trading opened on a high note, with the KSE-100 inching closer to the 42,000 marks before beginning a fall into negative territory. Profit-taking compounded the fall in the final two hours.

Automobile, cement, banks, and oil were just some of the index-heavy sectors that saw losses during the day. According to data compiled by Capital Stake, PSX reversed course from the prior session and ended the day in the red. At the beginning of the session, the indices rose, but by the end of the session, they had fallen. For the eighth day in a row, the rupee appreciated versus the dollar, and it ended the day at 218.88 in the interbank market. The banking, fertiliser, and tech & comm sectors contributed to the index’s decline by 81.07 points (43.11 points). The all-share index saw its volume drop from Wednesday’s 373.2m shares to Friday’s 281.7m. The value of shares traded also fell, from Rs13.2b the previous session to Rs7.8b. In terms of total volume, Unity Foods sold 19.68m shares, followed by K-Electric with 19.24m shares, and WorldCall Telecom with 18.37m shares. There were 343 firms whose stock traded on Thursday, with 130 showing an increase, 193 showing a decrease, and 20 showing no change at all.