PSX down as profit-booking bites

KARACHI: Stocks teetered down on Tuesday as profit-booking continued unabated despite the announcement of some robust financial results by the market giants, while the rollover week effect also kicked in later in the day.
The benchmark KSE-100 index lost 157 points or 0.37% to close at 42,190.02 points.
Arif Habib Limited in a post-market note said one of the reasons that kept the capital market under pressure was the ongoing rollover week.
“Despite a flying start, the market failed to soar and spent the majority of the trading session languishing in the red zone,” the brokerage said in its report. It added that despite major financial announcements made during the session, participation remained subdued as volumes shrank overall; however, third-tier equities continued to lead in terms of turnover.
Sectors that dragged the index down included technology and communication (-111.9 points), cement (-46.6 points), automobile assembler (-13.8 points), commercial banks (-11.9 points) and chemical (-10.9 points).
Volumes decreased 13.8% from 226.7 million shares to 195.4 million shares, while the average traded value increased 3.5% to $28.4 million compared to $27.4 million on Monday.
Hascol Petroleum (+1.8%), WorldCall Telecom Limited (-2.5%), G3 Technologies Limited (-64.0%), Nishat Chunian Power (-5.3%), and Pakistan Tobacco Company (+2.6%) were the major contributors to the volume. Topline Securities in its market wrap said the trade mostly remained on a tight leash. “The market hit an intraday high of 42,524, gaining 176 points or 0.42%. That’s where the profit-taking set in and pulled the benchmark index down an intraday low of 42,157, a loss of 191 points or 0.45%),” the brokerage said.-PNP