KARACHI: Investors resorted to profit-taking on the Pakistan Stock Exchange on Monday, which resulted in the benchmark of major shares closing on the lower side.

Topline Securities Ltd said the KSE-100 index experienced fluctuations within a range of 1,521 points during the trading session. Negative contributions to the benchmark came from stocks in exploration and production, fertiliser and banking sectors.

According to Arif Habib Corporation analyst Ahsan Mehanti, institutions booked profit in overbought scrips amid a slump in global crude prices and concerns about the fate of structural reforms post-general elections.

Moreover, the large-scale manufacturing index falling by 4.1 per cent year-on-year in October as well as the government deciding to further raise the industrial gas tariff for curbing the circular debt played the role of a catalyst in the bearish close.

As a result, the KSE-100 index closed at 65,204.68 points after losing 925.35 points or 1.4pc from the preceding session.

The overall trading volume increased 8.5pc to 1.8 billion shares. The traded value decreased 17.9pc to Rs24.6bn on a day-on-day basis.

Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (444.1m shares), K-Electric Ltd (392.7m shares), Cynergyico PK Ltd (205.4m shares), Hascol Petroleum Ltd (123.9m shares) and the Bank of Punjab Ltd (91.7m shares).

Companies registering the biggest increases in their share prices in absolute terms were Hoechst Pakistan Ltd (Rs49), Mehmood Textile Mills Ltd (Rs25), Pakistan Services Ltd (Rs20), Pak Suzuki Motor Company Ltd (Rs19.40) and Gatron Industries Ltd (Rs10).

Companies registering the biggest decreases in their share prices in absolute terms were Rafhan Maize Products Company Ltd (Rs250), Sapphire Fibres Ltd (Rs142.50), Faisal Spinning Mills Ltd (Rs30), Bata Pakistan Ltd (Rs21.11) and Service Industries Ltd (Rs20.61).

Foreign investors were net buyers as they purchased shares worth $1.2m.

Published in Dawn, December 19th, 2023