Profit-taking leads Pakistan Stock Exchange to shed 86 points
The share prices of 263 companies were down on Wednesday as the KSE-100 Index shed 85.97 points during the session which had started with huge early gains and the resultant expectations.
Soon after the start, the index had jumped to 41,118.60 with a 550-point gain but it couldn’t be sustained as it later slid to the level of 40,390.39 due to the profit-taking of the dealers. After experiencing all the fluctuations, the KSE-100 Index settled at 40,473.18 by the time the business day ended.
Since recording the biggest sustained profitable streak of the year in July when the KSE-100 gained 4,836.92 points and closed at 39,258.44, it has moved upward by 1,214.74 points this month so far.
During the Wednesday session, a total of 369 companies were available for trading out which 263 suffered loses and only 86 made some advances. However, there was no change in the value of 20.
With a total of 396,232,561 shares traded, it was Hascol Petroleum Limited which proved to be the most active stock. However, its share price saw a 3 percent cut despite having 88,368,000 shares traded.
In fact, only three out of the 10 topmost active stocks made any gains in terms of their share prices, which reflected the overall market trend.
On the other hand, the biggest dip in the share price was suffered by Power Cement (R). Its value was down by 23.73 percent. The next two on the list was First Credit and Investment Bank Limited and TPL Trakker Limited whose share values were down by 14.43 percent and 9.63 percent respectively.
But the session was good for the likes of SME Leasing Limited as its share price surged by 30.91 percent followed by a 10.62 percent increase for Dawood Equities Limited and 7.76 percent in the case of Lalpir Power Limited.