Index dips 160 points to end seven-day rally
KARACHI: The seven-day rally at the stock market which added 2,200 points to the KSE-100 index snapped on Tuesday as mutual funds, brokers and insurance companies decided to book profit.
The index declined 160.20 points (0.48 per cent) and closed at 33,476.62 after trading in a narrow range of intraday high and low by 235 and 228 points.
Brokers said some cooling was justified after the long-lasting bull run. “The overall sentiments still appear positive, though investors were into profit booking and switching positions from one sector to another,” said a trader at Arif Habib Limited.
Selling activity was observed generally across the board with disregard to sectorial fundamentals, however, cement sector, which had enjoyed the bull ride. bore brunt of the blow. Lucky was down 1.2pc while Attock, Kohat, Fauji and Maple Leaf also closed in the red.
The volume declined from 392.1 million shares to 242.9m shares (down 38pc) while traded value also fell by 12pc to $56.9m. Stocks that contributed significantly included Unity Foods, TRG Pakistan, Pak Elektron, Bank of Punjab and Pakistan International Bulk Terminal.