Profit-taking snaps KSE-100’s record-breaking streak

• KSE-100 jumped to all-time high of 61,555.83 during intra-day trade.
• However, it fell, closing at 60,501.99 points after losing 0.38%.
• “Correction is always healthy for the market," says AHL analyst.

KARACHI: Bears took over the Pakistan Stock Exchange (PSX) on Wednesday as they snapped the benchmark KSE-100 index’s record-breaking streak.

In November alone, the benchmark index has gained more than 8,500 points, with it hitting new highs for the past seven sessions, but profit-taking finally ended its flight.

Arif Habib Limited (AHL) Head of Research Tahir Abbas told Geo.tv that profit-taking was witnessed in the market after a consecutive positive streak of seven sessions with 6.4% gains or 3,667 points.

“Correction is always healthy for the market and we believe that the positive momentum of the market will continue going forward,” the analyst added.

The benchmark index had jumped to an all-time high of 61,555.83 during the intra-day trade. However, it lost 228.27 points or 0.38% to close at 60,501.99 points.

Commenting on the bull intra-day run, Head of Research at Pakistan-Kuwait Investment, Samiullah Tariq said that the market was reacting positively because it expects an interest rate cut, a quick International Monetary Fund (IMF) review, and strong profitability of companies. 

Overall trading volumes reached 692.2 million shares compared with Tuesday’s tally of 779.6 million. The value of shares traded during the day was Rs27.03 billion.

Shares of 387 companies were traded. Of these, 143 stocks closed higher, 231 fell, and 13 remained unchanged.

B.O.Punjab was the volume leader trading in 50.05 million shares, gaining Rs0.16 to close at Rs5.61. It was followed by Cnergyico PK with 35.6 million shares, remaining unchanged at Rs4.60, and Pak Refinery with 35.4 million shares, losing Rs0.46 to close at Rs25.01.