Karachi stocks plunge 250.11pts, down 0.78% to close at 31756.29pts on profit-taking

KARACHI: The Karachi Stock Exchange (KSE) lost 250.11 points or -0.78% due to profit-taking to close 31756.29 points and volume of 187,615,200 shares on Wednesday.

Earlier, trading in the market started on a positive note and the index kept on ticking, adding 219 points to the overnight tally.

The stocks opened at overnight closing of 32,006.40 points and continued upward march, showing signs of confidence.

However, In its journey to scaling new heights of its history, the buoyant Karachi Stock Exchange benchmark 100-index tumbled a little till midday and lost most of early gains to come down to 32019.90 points after reaching 32225 points.

As a whole 15.93 per cent of companies witnessed increase in their shares while 43.51 per cent lost their share value and 2.46 per cent companies remained stable. High and Low were 32225.17 and 31697.78 respectively. Total volume traded in the market was 187,615,200 shares.

Engro Corporation (minus 1.16 percent) took a breather while cement plays namely Pioneer Cement (minus 4.3 percent), D G Khan Cement (minus 1.5 percent) and Cherat Cement (minus 3.7 percent) also witnessed profit booking. Batla expected market to remain volatile and resist near 32,000 with financials namely National Bank of Pakistan, MCB Bank and Bank Alfalah Limited likely generating interest while broader continues to track flows.

Jah Sid Company was the volume leader in the market with 29.84 million shares as it closed at Rs 15.29 followed by Engro Fertiliser with trading of 15.17 million shares and closed at Rs 66.04. Maple Leaf Cement traded 14.13 million shares and closed at Rs 34.60.

Analysts say foreign fund managers showed exceptional interest in the market and it is expected that the bullish trend may retained at the bourse in the coming days. Selling in later half of the session pulled the index in red with Pakistan Petroleum (minus 2.2 percent), recording its recent low keeping other oil names under pressure.

The appreciation in the value of rupee against dollar also boosted confidence of the investors in first two days of market; however it lost 250 points on Wednesday unexpectedly.