PSX retreats after profit-taking cools rally; KSE-100 loses 476 points

ISLAMABAD: Bears took charge of the Pakistan Stock Exchange (PSX) on Wednesday as investors opted for profit-taking, cooling the recent upward momentum.

The session began on a strong note, with the KSE-100 Index climbing to an intraday high of 886 points. However, the gains proved short-lived, as selling pressure gradually pushed the index to an intraday low of 587 points before it closed at 146,529 — down 476 points, or 0.32%, from the previous day’s close of 147,005.32.

According to analysts at Topline Securities Ltd., the downturn did not indicate a major bearish reversal but rather a mild phase of profit-taking after the recent rally.

Investor participation remained robust, with total traded volume reaching 645 million shares, corresponding to a turnover of Rs40 billion, as compared to 691 million shares the previous trading day with Rs 44.579 billion turnover.

As many as 487 companies transacted their shares in the stock market, 199 of them recorded gains and 240 sustained losses, whereas the share price of 48 companies remained unchanged.

Yousuf Weaving emerged as the volume leader, with an impressive 51.8million shares changing hands at Rs 6.14 per share, followed by Aisha Steel Mill with 48 million shares at Rs12.92 per share and Bank of Punjab with 33 million shares at Rs 14.26 per share.

Hoechst Pakistan Limited witnessed a maximum increase of Rs 201.10 per share price, closing at Rs 3,225.80, whereas the runner-up was Sindh Abadgars Sugar Mills Limited with Rs28.52 rise in its per share price to Rs 313.67.

PIA Holding Company LimitedB witnessed a maximum decrease of Rs328.13 per share closing at Rs 28,671.87 followed by Unilever Pakistan Foods Limited with Rs61.61 decline in its share price to close at Rs31,959.00.

Meanwhile, in the future market, as many as 323 companies traded shares in the market out of which 149 witnessed gain, 168 loss where the prices of 6 companies remained unchanged.