PSX turns red amid profit-taking

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed in a red zone on Wednesday amid profit-taking by market participants, ARY News reported.

KSE-100 shed 282.88 points or 0.31 percent to settle at 92,021.44 points at the closing of the stock market, as against the previous day’s closing of 92,304.32.

A total of 889.16 million shares were exchanged during the trading session at the PSX, compared with the previous day’s turnover of 752.66 million shares.

Analysts at Topline Securities said that the Pakistan Stock Exchange remained volatile, with the KSE-100 index reaching a peak of 92,967 and dipping to a low of 91,891 as investors capitalised on profit-taking in large-cap stocks.

“The index was weighed down by negative contributions from SYS, UBL, BAHL, PPL, and OGDC, which collectively subtracted 339 points. On the other hand, LUCK, SAZEW, and KOHC helped offset some of these losses, adding 94 points to the index,” they said.

As many as 452 scrips were active at the PSX, out of which, 201 gained, 200 declined while the share price of 51 companies remained unchanged.

Bank of Punjab remained the top trading company, having witnessed the exchange of 88.68 million shares, followed by Cnergyico PK with 71.63 million shares exchanged.

Power Cement remained the third with 39.15 million shares exchanged during today’s trading session at the PSX.

It is worth noting here that the decline in the stock market came a day after the benchmark index hit an all-time high at the closing of the trading session.

A day earlier, the KSE-100 added 366.32 points, or 0.4 percent to close at 92,304.32 points, as against the previous closing of 91,938.01 points.