PSX closes on negative note amid profit-taking

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed on a bearish note after losing more than 400 points on Tuesday, ARY News reported.

KSE-100 shed 423.76 points, or 0.45 percent to settle at 93,224.56 points at the closing of the stock market as against the previous day’s closing of 93,648.32 points.

A total of 792.9 million shares were traded at the PSX, as compared with the previous trading day’s turnover of 815.18 million.

Analysts at Topline Securities attributed the downward trend to profit-taking by the investors at the Pakistan Stock Exchange as the KSE-100 reached an intraday high of 223 points and a low of 755 points.

“This negative session can be attributed to investors choosing to book profits on prominent stocks that had appreciated in recent sessions. Major contributors to the decline included PPL (-1.94%), OGDC (-1.49%), ENGRO (-2.06%), SYS (-1.49%), and HBL (-1.53%), collectively shaving 267 points off the index,” they said.

According to the analysts, the pharmaceutical sector continued to attract investor interest at the PSX, with HALEON, ABOT, and GLAXO all closing higher than their previous sessions, extending their recent rally.

As many as 454 scrips were active, out of which, 151 witnessed gains, 242 recorded decline, while the share price of 61 scrips remained unchanged at the closing of the stock market.

Ismail Industries Limited remained the highest gainer, recording an increase of Rs123.96 to close at Rs1,639.50, followed by Sapphire Fibres Limited which was up by Rs46.55 to reach Rs1,175.63.

On the flip side, Service Industries Limited recorded a decline of Rs45.87 to settle at Rs1,160.19, followed by Philip Morris (Pakistan) Limited which declined by Rs40.58 to reach Rs789.5 at the closing of the PSX.