KARACHI: Pakistan’s stocks fell 1.4 percent today on Wednesday as investors opt for profit taking amid economic uncertainty, traders said.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed lower on institutional profit taking amid concerns for economic uncertainty.
“Pressure remained in scrips across the board on concerns for dismal data in auto sales, home remittances and exports for Nov’18,” he said. “Weak global crude oil prices, foreign outflows and rupee uncertainty played a catalyst role in bearish close.”
The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed lower 544.52 points or 1.40 percent to 38,304.44 points against 38,851.96 points recorded in the last session. The highest index of the day remained at 38,851.96 points while the lowest level of the day was recorded at 38,014.66 points.
KSE-30 Index also decreased by 261.77 points or 1.41 percent to 18,251.05 points.
Turnover, however, increased by 21 million shares to 145.62 million shares from 124.01 million shares. Trading value rose to Rs6.86 billion from Rs5.84 billion while market capital narrowed to Rs7.71 trillion. Out of 350 companies’ active in the session, only 56 closed in green, 278 in red while 16 remained unchanged.
Highest increase was recorded in shares of Island Textile XD, which rose Rs41 to Rs1,639.25 per share, followed by ICI Pakistan that increased Rs16.90 to Rs743.98 per share. Major decline was noted in shares of Phiip Morris Pak, which fell Rs175 to Rs3,325 per share, followed by Wyeth Pak Ltd that decreased Rs47.14 to Rs1,001.45 per share.
Significant turnover was recorded in stocks of Pak Elektron, K-Electric Ltd, TRG Pak Ltd, Engro Polymer, WorldCall Telecom, Engro Fertilizers, Maple Leaf Cement, Bank of Punjab, Lotte Chemical and Siddiqsons Tin.
Shares’ turnover in the future contracts increased to 50.64 million shares from 45.16 million shares traded in the previous session.