KARACHI: Profit-taking intensified on the third successive session on Thursday as the KSE-100 index lost 368.44 points (0.85 per cent) to close at 43,072.74.
Investors were piqued by the IMF concerns over the country’s weakening macroeconomic situation, decline in foreign exchange reserves and increased risk to economic and financial outlook.
The index witnessed intense selling pressure at mid-day when it sank 500 points to intraday lows. However, bottom-fishing allowed some recovery before the close. Analysts said the news related to NAB opening cases against 52 companies did no good to the investors’ sentiments.
Mutual funds were the major participants who ran for cover and sold equity worth $7.71 million. “It is time to rebalance portfolios and skip out from certain sectors to some others with greater potential for growth,” said a fund manager.
The volume increased 15pc to 163m shares with Azgard Nine, K-Electric, Pak Elektron, Fauji Cement and Unity Food accounting for 35pc of the total turnover. The average traded value increased by 26pc to reach Rs7.4 billion.
Profit-taking continued in the cement sector, which added 52pc to index loss for the day. Other sectors in the red included exploration and production, decreasing by 85 points, commercial banks 56 points, power 36 points and fertiliser 35 points.
Habib Bank, up 1.6pc, Oil and Gas Development Compnay 1.5pc, Pakistan Petroleum 1.4pc, Lucky Cement 1.4pc, and Hub Power 1.6pc shed 157 points from the index whereas Bank Al Habib was up 1.1pc, National Refinery 3.6pc, Dawood Hercules 0.6pc, Bank Alfalah 0.5pc and National Bank 0.5pc added 29 points.
Published in Dawn, March 9th, 2018