PSX pulls back as investors grow cautious

PSX pulls back as investors grow cautious

PSX pulls back as investors grow cautious KARACHI: In line with the global market sell-off, the local stock market also went into profit-taking on Wednesday. Investors exercised caution as the KSE-100 index inched closer to the 40,000 level. The index, however, declined 171.17 points (0.43 per cent) to close at 39,615.76 points.

Trading volume was up by a minimal 1pc at 228 million shares, while trading value decreased 15pc to Rs10.6 billion and foreign investors sold equities worth $3.51m.

The index was hammered mainly by OGDC, HBL and PPL which took away 79 points in total while DAWH and FML added 18 points and 10 points respectively.

The exploration and production sector faced headwinds, on the back of falling international crude oil prices, causing major stocks in the sector to close in the red. OMCs also declined with HASCOL falling 1.16pc followed by PSO and APL which were down 1.16pc and 1.01pc respectively.

Banks remained in the red zone as HBL was down 1.13pc, further pressure was seen in NBP, MCB and UBL after yesterdays mixed session. Profit taking was also seen among cement stocks as LUCK, FCCL, MLCF and KOHC closed lower.

Interest was seen in the engineering sector, as stock prices of ISL, ASTL and CSAP moved higher.

In the automobile sector, PSMC added 0.7pc extending the previous day’s gain on the back of increased car prices. Interest was seen in the chemical sector as crude oil prices fell. Major gainers in the sector were BERG and AKZO rising 3.97pc and 1.95pc each.

Pharmaceuticals continued to remain strong as a result of the recent hike in drug prices.


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