KSE-100 Index settles lower to 48,611pts as 10-session winning streak invites correction
\nKARACHI
\nThe Pakistan Stock Exchange (PSX) crossed the threshold of 49,000 level after a gap of six years on Thursday before snapping a 10-session winning streak and moving towards correction, with the benchmark KSE-100 Index losing 153.37 points (-0.31 percent) to close at 48,611.18 points.
\nIt was June 9, 2017 when the benchmark index crossed 49,000 points mark last time. The market has been showing strength since the signing of the loan agreement with the International Monetary Fund (IMF). Moreover, attractive valuations of stocks in terms of price-to-earning-ratio (PE) and buyback of their own companies\u2019 shares by the companies\u2019 owners these days have made the market attractive for investors.
\nThe market opened on a negative note but reversed its course within the first few minutes\u2019 trading and touched the day\u2019s high during the first two hours\u2019 trading. However, due to profit-taking activity, the indices pared gains and closed in the reds.
\nThe benchmark index traded in a range of 863.16 points showing an intraday high of 49,404.5 points and an intraday low of 48,541.34 points. Among other indices, the KSE All Share Index shed 200.25 points (-0.62 percent) to close at 32,302.19 points, while KMI All Share Islamic Index gained 128.27 points (-0.54 percent) to close at 23,638.34 points.
\nTotal volumes traded for the KSE-100 Index decreased by 76.3 million shares to 289.33 million shares against 365.63 million shares traded a session earlier. The overall market volumes decreased by 30.1 million shares to 526.04 million shares against 556.14 million shares traded a session earlier.
\nAmong scrips, CNERGY topped the volumes with 33.21 million shares, followed by KEL (25.43 million) and OGDC (24.52 million). Stocks that contributed significantly to the volumes included CNERGY, KEL, OGDC, WTL and HUMNL, which formed over 24 percent of total volumes.
\nA total of 367 companies traded shares in the stock exchange against 350 a session earlier, out of which shares of 129 closed up, shares of 216 closed down while shares of 22 companies remained unchanged. A total of 98 companies traded shares in the KSE-100 Index against 94 a session earlier, out of which share price of 37 companies closed up, 59 closed down and two remained unchanged.
\nThe number of total trades increased by 14,223 to 225,708 against 211,485 trades in the previous session, while the value traded decreased by Rs0.96 billion to Rs19.03 billion as compared to the previous session.
\nIn terms of rupee, RMPL remained the top gainer and witnessed an increase of Rs201.03 (+2.28 percent) per share, closing at Rs8,999. The runner-up remained SAPL, the share price of which climbed up by Rs50 (+6.67 percent) to Rs800. AWTX remained the top loser in terms of rupee and witnessed a decrease of Rs144 (-7.11 percent) per share, closing at Rs1,880, followed by NESTLE, the share price of which fell by Rs80 (-1.12 percent) to close at Rs7,070 per share.
\nThe sectors taking the index towards south were commercial banks (85 points), technology & communication (74 points), chemical (31 points), oil & gas marketing companies (29 points), and oil & gas exploration companies (28 points). The major companies depriving the index of points remained UBL (82 points), MEBL (53 points), TRG (45 points), PPL (32 points), and BAHL (22 points).
\nThe sectors taking the index towards north were automobile assembler (63 points), power generation & distribution (44 points), pharmaceuticals (32 points), cement (30 points), and automobile parts & accessories (16 points). The major companies adding points to the index remained MTL (68 points), HBL (57 points), HUBC (41 points), BAFL (27 points), and LUCK (21 points). <\/p>\n","protected":false},"excerpt":{"rendered":"
KSE-100 Index settles lower to 48,611pts as 10-session winning streak invites correction KARACHI The Pakistan Stock Exchange (PSX) crossed the threshold of 49,000 level after a gap of six years on Thursday before snapping a 10-session winning streak and moving towards correction, with the benchmark KSE-100 Index losing 153.37 points (-0.31 percent) to close at […]<\/p>\n","protected":false},"author":2,"featured_media":254263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-347055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n