Profit-taking witnessed at PSX, KSE-100 falls 0.52%

Profit-taking returned to the Pakistan Stock Exchange (PSX) on Wednesday, as the benchmark KSE index recorded a drop of 0.52%, while volume and value of shares traded declined.

The market kicked off on a positive note, as the benchmark KSE 100 index jumped to an intra-day high of 46,643.04 (up 235.78 points) in the first half of the session. However, profit-taking was observed later, pushing the index towards an intra-day low of 46,061.58 (down 345.68 points).

At close, the KSE-100 Index settled at 46,165.50, a fall of 241.76 points or 0.52%.

“Market opened on a bleak note but value buying was witnessed in the first trading hour,” said Arif Habib Limited (AHL) in a post-market note. The brokerage house said that mainboard activity remained dull but the market witnessed hefty volumes in 3rd tier stocks.

“In the last trading hour, investors opted for profit-taking across the board which led the index to close in the red zone,” it added.

Volatility returns to bourse after historic gain, KSE-100 inches up 0.57%

On the corporate front, Sazgar, in its notice to the bourse, announced that a total of 1,950 three-wheeler units were produced in March 2022 while 1,911 units were sold. “Whereas 73 four-wheeler units were produced and 71 units were sold in March 2022,” it added.

Sectors driving the benchmark index downwards included cement (94.98 points), banking (62.55 points) and investment banking (17.03 points).

Volume on the all-share index decreased to 474.59 million from 493.6 million on Tuesday. The value of shares also declined to Rs12.35 billion from Rs13.86 billion recorded in the previous session.

Flying Cement was the volume leader with 80.74 million shares, followed by WorldCall Telecom Limited with 42.74 million shares, and Ghani Global Holdings with 32.52 million shares.

Shares of 362 companies were traded on Wednesday, of which 114 registered an increase, 228 recorded a fall, and 20 remained unchanged.