PSX hit by profit-taking: BRIndex100 inches down

Pakistan Stock Exchange Thursday opened on a positive note, however failed to maintain the momentum and closed in the red due to selling at the fag end.

BRIndex100 lost 7.53 points or 0.18 percent to close at 4,222.94 points. BRIndex100 touched intraday high of 4,265.12 and intraday low of 4,206.72 points. Volumes stood at 172.827 million shares.

BRIndex30 decreased by 94.2 points or 0.43 percent to close at 21,775.91 points with a turnover of 121.717 million shares.

The KSE-100 Index declined by 75.69 points or 0.19 percent to close at 40,455.44 points. Daily trading volumes increased to 197.436 million shares as compared to 180.327 million shares traded Wednesday.

Foreign investors remained net sellers of shares worth $3.7 million. The market capitalization declined by Rs 18 billion to Rs 7.628 trillion. Out of total 340 active scrips, 177 closed in negative, 138 in positive while the value of 25 stocks remained unchanged.

Unity Foods was the volume leader with 22.382 million shares. It gained Re 0.73 to close at Rs 13.29 followed by DG Khan Cement that increased by Rs 3.01 to close at Rs 69.62 with 18.247 million shares.

Wyeth Pak and Bata Pak were the top gainers with Rs 34.60 and Rs 32.72, respectively to close at Rs 814.00 and Rs 1,850.00. Sapphire Fiber and Otsuka Pak were the top losers with Rs 41.42 and Rs 14.49, respectively to close at Rs 810.00 and Rs 383.00.

BR Automobile Assembler Index gained 5.14 points or 0.09 percent to close at 5,812.81 points with total turnover of 2.272 million shares.

BR Cement Index lost 9.13 points or 0.24 percent to close at 3,807.05 points with 34.133 million shares.

BR Commercial Banks Index inched up by 28.4 points or 0.29 percent to close at 9,693.69 points with 29.316 million shares.

BR Power Generation and Distribution Index declined by 48.02 points or 0.85 percent to close at 5,596.18 points with 6.979 million shares.

BR Oil and Gas Index decreased by 44.37 points or 0.98 percent to close at 4,485.94 points with 12.197 million shares.

BR Tech. & Comm. Index closed at 1,027.38 points, up 3.79 points or 0.37 percent with 16.029 million shares.

An analyst at Arif Habib Limited said that the market opened on a positive note with plus 97 points but traded in a range of up 256 points and down 208 points, closing the session negative 76 points.

Selling activity built up throughout the session and was evident in oil and gas scrips and by the end of session it was seen in cement and banking sector scrips as well. Among cement sector scrips, DGKC and MLCF performed well and DGKC particular was seen trading near upper circuit. However, profit booking brought stocks down in general.

Cement sector led the volumes with 34.1 million shares, followed by Banks (29.3 million shares) and Vanaspati (22.4 million shares). Sectors contributing to the performance include E&P (down 52 points), O&GMCs (down 24 points), Power (down 24 points), Textile (down 10 points) and Banks (up 36 points).

Stocks that contributed positively include HBL (up 42 points), DGKC (up 14 points), SYS (up 8 points), UBL (up 7 points) and AKBL (up 6 points). Stocks that contributed negatively include PPL (down 21 points), LUCK (down 21 points), HUBC (down 14 points), OGDC (down 14 points) and PSO (down 13 points).