Three-day rally snaps on profit-taking
KARACHI: The three-day winning streak on the stock market came to an end on Friday as investors decided to book profit. The KSE-100 index lost 573.84 points (1.37 per cent) on the last trading day of the week to close at 41,221.75.
Having accumulated a massive 2,130 points (5.29pc) in the previous three sessions, the index succumbed to selling pressure. Analysts said that the news about disbursement of funds from Punjab Pension Fund to a number of mutual funds had kept the sentiment buoyed in the past two sessions.
However, banks and insurance companies maintained selling pressure in addition to some high-net worth individuals which resulted in index taking a downturn. Selling was more prominent in the exploration and production, banks and cement sector stocks.
On the news front, the country’s current account deficit increased by 43pc to $17.994 billion in the fiscal year ended June 30, compared to $12.621bn in the preceding financial year.