Pakistan Stock Exchange (PSX) opened on strong positive note and the benchmark KSE-100 index crossed 49,000 points psychological level to hit 49,069.69 points intraday high level. However, the index failed to sustain this level as the investors opted to book profit on available margin that forced the market into negative zone and at the end of the trading session, the benchmark KSE-100 index closed at 48,704.99 points, with a net loss of 122.56 points.
The foreign investors, however remained net buyers of shares on second consecutive day and bought shares worth $6 million. Trading activities remained low as daily trading volumes dropped to 403.805 million shares as compared to 501.264 million shares traded on Tuesday. Total market capitalisation decreased by Rs 43 billion to stand at Rs 9.751 trillion. Out of total 423 active scrips, 227 closed in negative and 176 in positive while the value of 20 stocks remained unchanged.
Dost Steels was the volume leader with 32.934 million shares and lost Rs 0.36 to close at Rs 12.93 followed by Aisha Steel Mill that gained Rs 0.46 to close at Rs 17.04 with 23.941 million shares. Fauji Cement declined by Rs 0.61 to close at Rs 47.58 with 15.381 million shares.
Ghandhara Industries and Atlas Battery were the top gainers increasing by Rs 38.14 and Rs 15.17 respectively to close at Rs 800.96 and Rs 835.33 while Rfhan Maize and Pak Tobacco were the top losers declining by Rs 340.00 and Rs 61.55 respectively to close at Rs 8250.00 and Rs 1371.82. Zeeshan Afzal at Insight Securities said that the New Year positive rally finally resist at 49,000 level where investors preferred to book profit coupled with the ongoing development on Panama Case. Declining crude oil prices remained another factor to cap the upside while the news that there will be cut in gas prices for textile sector brought the sector into limelight.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid pressure in oil stocks after WTI crude prices fell sharply near to $52/barrel. Textile stocks outperformed on upbeat cotton output data for the season. Mid-session interest in banking and pharmaceuticals stocks supported the index to close above days low. He said that concerns for dismal economic data on government borrowings and foreign outflows played a catalyst role in bearish close.