The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed slightly lower on Tuesday amid profit-taking from gains posted in the previous sessions.
In the previous three sessions, the KSE-100 gained 1,640 points on the local currency’s appreciation against the US dollar, result announcements, and talks of gas tariff hike.
On Tuesday, investors chose to book profit just after the day commenced, brokerage house Topline Securities said.
At close, the benchmark index settled at 51,027.94, down by 42.89 points or 0.08%.
“There was a rally in energy sector stocks in anticipation of gas tariff hike since last few days. Yesterday, the aforesaid long awaited hike got announced,” it added. “That’s why, there was selling in energy sector stocks purely based on ‘Buy or Rumors; Sell on News’ phenomena.”
During the day, E&P, fertiliser, and cement sectors contributed negatively to the index where PPL, ENGRO, OGDC, FFC & CHCC lost 146 points, cumulatively. On the flip side, HUBC, PSEL and MTL witnessed some buying interest as they added 74 points collectively, today, Topline Securities stated.
Meanwhile, the Pakistani rupee registered a minor loss against the US dollar as it depreciated 0.11% in the inter-bank market on Tuesday. As per the State Bank of Pakistan, the local currency settled at 279.43, with a decrease of Re0.31 in the inter-bank market.
Volume on the all-share index decreased to 321.4 million from 364.07 million a day before.
The value of shares declined to Rs11.09 billion from Rs15.93 billion in the previous session.
Pak Refinery remained the volume leader with 33.5 million shares, followed by Fauji Foods Ltd with 29.1 million shares and Bankislami Pak. with 15.5 million shares.
Shares of 342 companies were traded on Tuesday, of which 143 registered an increase, 171 recorded a fall, while 28 remained unchanged.
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