KARACHI: The bulls took a breather on Monday as the KSE-100 index shed 155.32 points to 29,094.13. The earlier 9-session bull-run had added a huge 2,134 points to the index, including increase of 3pc last week, which prompted investors to take profit at index level of above 29,000-level.

Analysts and brokers pacified investors saying that the ‘correction’ was healthy for the market. Nauman Khan at Shajar Capital reminded that the KSE-100 was the best performing primary index in April, providing 9pc return in dollar terms. The market capitalisation reached $72.5bn, up 26pc year to date while it stood just 4pc short of the all-time high at $75 billion, touched in April 2008.

On Monday, overseas investors sold shares worth $1.25m, which many market men brushed aside as in the insignificant sum. “Some profit-taking by even the foreign investors at these levels makes sense,” says Khurram Schehzad, chief investment offcer at a major investment firm.

The volumes on Monday were lower, compared to average daily trading last week, though Lafarge Pakistan held on to volume leader position with 41m shares.

Samar Iqbal, Assistant Vice President, Topline Securities calculated that the price decline in MCB Bank and UBL contributed 85 points to the total loss of 155 points to benchmark index. Investors also booked profits in oil stocks and cement sector.

PSO was up on expectations of receiving another tranche from government to reduce circular debt.

Engro Fertiliser closed at upper cap after government’s commitment for uninterrupted gas supply for next two months.

Other anlsyts stated that profit-taking was seen in banking sector, followed by refineries, while textile scrips continued to take the beating as rupee scores gains against the dollar.