The market succumbs to profit booking in the absence of triggers

The domestic stock market started the week on a positive note as the benchmark KSE-100 index hit an intraday high of 46,139.54, but the lack of positive triggers succumbed to the market towards profit booking. in the last hours.

Meanwhile, traders remained cautious as the IMF in its review imposed six more conditions on Pakistan and flagged the economic variables under pressure. In addition, rising coal prices ($183/MT) and soaring international oil prices ($94/bb) led to widespread bearish sentiment, noted a post-trade note from Pearl Securities.

As a result, the benchmark KSE100 settled the trading session in the red with a decline of 68.40 points to close at 45,841.25. Of the 96 companies listed in the KSE100 index, 33 closed higher, 60 closed, while 3 remained unchanged. The total volume traded for the index was 77.22 million shares.

Sector-wise, the index was disappointed by Cement with 45 points, Technology and Communication with 41 points, Commercial Banks with 31 points, Cable and Appliances with 11 points and Pharmaceuticals with 9 points.

The highest number of points stripped from the index was TRG which stripped the index by 38 points followed by LUCK with 15 points, PAEL with 11 points, UBL with 10 points and MLCF with 10 points.

Sectors supporting the index were oil and gas exploration companies with 58 points, fertilizers with 22 points, energy production and distribution with 11 points, Inv. Banks / Inv. cos. / Securities Cos. with 7 points and Textile Composite with 5 points. The most points added to the index were OGDC with 32 points, followed by PPL with 22 points, ENGRO with 16 points, HUBC with 12 points and NBP with 12 points.

The volume of all shares decreased from 42.38 million to 150.10 million shares. The market capitalization decreased by Rs18.34 billion. The total number of companies traded was 362 compared to 360 in the previous session. Of the scripts traded, 114 closed, 227 closed while 21 remained unchanged.