Karachi stocks market ended bearish on Thursday because of, what the market observers said, institutional profit-taking amid lower trading volumes. The day saw the benchmark 100-share index finishing dipping by 87.75 points to 12,515.92 points against 12,603.67 points of Wednesday. “KSE 100 index corrects itself for short term,” viewed Abdul Azeem, an analyst at InvestCap. The analyst said the benchmark failed to attract further buying interest as it attracted selling pressure below pivot. “The index kept rolling down once it touched the resistance level of 12,624 points level, as expected,” reviewed Abdul Azeem. The trading volumes at the ready-counter slid to 178.045 million shares from the previous day’s 272.371 million shares. The trading value also declined and finished at Rs3.549 billion against Rs5.384 billion of the last session. The index hit the intraday high and low of 12,623.88 and 12,499.81 points, respectively.
The market capital also slid to Rs3.263 trillion from the previous Rs3.286 trillion. Of the total 347 traded scrips, 112 gained, 160 lost and 75 remained unchanged. Jahangir Siddiqui Company appeared as a volume leader with 41.019 million of its shares traded at Rs9.75 in the opening and Rs10.37 in closing of the market. The future market also came down in terms of turnover that declined to 11.643 million shares from 13.94 million shares of last session. “(The) stocks closed bearish on institutional profit-taking with lower trades after OGDC announced half year earnings announcements aligned with expectations,” viewed Ashen Mehanti of Arif Habib Securities.
Bear hug drains KSE of 88pts under profit-taking cloud
