PSX loses momentum as investors opt for profit-taking
The Pakistan Stock Exchange (PSX) commenced the week with lacklustre trading on Monday as the benchmark KSE-100 index lost momentum owing to profit-taking by investors ahead of expiry of July-end contracts.
After fluctuating within a narrow range throughout the day, the benchmark index recorded a decrease of 379.78 points, or 0.27%, and settled at 138,217.58 by the close of trading.
In its market review, Topline Securities commented that the KSE-100 index settled at 138,218, down 380 points. 'The market remained range bound throughout the session, fluctuating between intra-day high of 139,201 and intra-day low of 138,150, as investors engaged in profit-taking ahead of July-end contract expiry,' it said.
Pressure on the index came from Fauji Fertiliser Company, United Bank Limited, Oil and Gas Development Company, Systems Limited and Hub Power, which dragged the market down by 438 points. On the other hand, HBL, Engro Fertilisers and Pakistan Aluminium Beverage Cans provided some support, contributing 152 points, Topline added.
Arif Habib Ltd Deputy Head of Trading Ali Najib remarked that the 135,000 level served as initial support for the KSE-100 index, backed by strong corporate earnings and consistent foreign inflows. 'If this level is breached, the index may drift towards the 132,000 mark, where compelling valuations and expectations of monetary easing could help revive investor sentiment and reignite buying interest,' he said.
Overall trading volumes decreased slightly to 608.2 million shares compared with Friday's tally of 609.4 million. The value of shares traded stood at Rs23.5 billion.
Shares of 479 companies were traded. Of these, 193 stocks closed higher, 245 decreased and 41 remained unchanged. First Prudential Modaraba topped the volumes chart with trading in 58.7 million shares, up 48 paisa to close at Rs4.98 per share.
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