KSE-100 back in danger territory as investors fail to resist profit-taking

March 28, 2019 (MLN): Force is all-conquering, but its victories are short-lived. The euphoria caused by the uplift in benchmark index in the past two days, which caused much enthusiasm within the investors, was lost in the woods after the index closed at 38,552 mark after losing 412 points. Unsurprisingly, the malice was caused by the failure on investors’ part to contain their urge to indulge in profit-taking.

The E&P sector emerged as the worst performer today as it dragged the index down by 112 points, in spite of various positive indications given by officials from Petroleum Division on the outcome of offshore exploration. This was followed by Fertilizer and Cement sectors, as they snatched 43 points and 42 points from the index, respectively.

The major scrips that contributed in the index’s performance were PPL (-2.35%), OGDC (-1.82%), UBL (-1.53%), LUCK (-1.61%) and HBL (-0.80%).

The index observed trading of 54 million shares of the listed scrips, having a total value of Rs. 3.6 billion. Within a range of 546 points, the index touched an intra-day high of 38,965 points and an intra-day low of 38,418 points. 

The broader KSE All Share index rode within the same boat, as it lost around 241 points and closed at 28,167 points. It traded nearly 132 million shares, having a value of Rs. 4.3 billion.

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