Pakistani stocks record bearish trend amid profit-selling

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ISLAMABAD, July 23 (Xinhua) — The Pakistan Stock Exchange fell on Thursday after investors quested profit-booking as the recent bullish momentum left a number of scrips in an overbought zone.

The Pakistan Stock Exchange’s benchmark KSE 100-Index declined by 0.60 percent, or 226.40 points, to close at 37,578.21 points on Thursday, compared with 37,804.61 points reported on Wednesday.

The trading session on Thursday witnessed bearish moves which made the main index move in a busy range of 566.25 points. During the course of the trading day, the key index touched an intraday peak of 38,106.95 points as against an intraday low of 37,540.70 points.

The KSE All-Share Index dipped by 0.52 percent, or 139.55 points, to close at 26,762.56 points, the KSE 30-Index trimmed down by 0.73 percent, or 120.26 points, to end at 16,287.44 points, the KMI 30-Index plunged by 1.08 percent, or 658.12 points, to conclude at 60,488.87 points, whereas the Islamic All-Share decreased by 0.72 percent, or 135.42 points, to finish the trading session at 18,672.62 points.

Market volumes were recorded at 379.280 million shares on Thursday. The turnover was 6.47 percent, or 26.229 million shares, lower when compared with 405.509 million shares traded hands on Wednesday.

Market value contracted by 20.88 percent, or 3.718 billion rupees, to close at 14.087 billion rupees on Thursday as against Wednesday’s closing figure of 17.805 billion rupees.

Among 375 active scrips on Thursday, the prices of 125 issues closed in the green ink, 226 ended down into the bearish lap, whereas values of 24 other listed companies remained unchanged for the day.

Unity Foods Limited, Azgard Nine Limited, and Fauji Foods Limited were the top traded companies with turnovers of 38.127 million shares, 31.224 million shares, and 23.451 million shares, respectively.

Millat Tractors Limited emerged as the top performer of the day with an increment of 41.64 rupees per share to close at 825.41 rupees, while on the other hand, Nestle Pakistan Limited led the worst performers with a decrement of 100.00 rupees per share to finish the trading session at 6,718.33 rupees. (1 U.S. dollar = 167.25 rupees) Enditem

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