Stocks drop 271 points on profit taking

Pakistan stocks slumped on the first trading day of September, with index at local bourse losing recent bullish momentum witnessed profit taking over a bit higher inflation reading for the month of August to close down by 0.78%.Karachi Stock Exchange (KSE)-100 index lost 270.17 points to close at 34456.34 points as compared to 34726.51 of the previous session. The KSE-30 Index shed 169.74 points and closed at 21048.67 points against 21218.41 points of the last closing.Pakistan equities broke the three day positive streak to settle lower after testing 34,900 as gains on excitement in early trade over Monday’s foreign buying were countered by profit taking. Moreover, losses in regional markets and higher than consensus inflation announced near day close led to wider market taking a breather, said Elixir Securities’ analyst Faisal Bilwani.Bilwani expects market to trade volatile in a narrow 300-400 points range and track regional markets while investors will remain sensitive to data on foreigners trading.JS Research analyst Ahmed Saeed Khan said volatility prevailed as the index juggled 577 points between red and green to finally close down 0.78%. Following the news of gas tariff hike, the fertilizer sector and initially the cement sector witnessed pressure, although the cement sector recovered to close mostly in the green as the increase in gas tariff is expected to be passed on to the customers by the cement manufacturers, added Khan.

Market volume increased to 353.537 million shares traded as compared to 353.050 million shares traded in previous session. Trading value at local bourse rose to Rs 16.769 billion against Rs 14.697 billion of previous session. Out of 401 scrips, 270 scrips advanced, 112 scrips declined while the value of 19 scrips remained unchanged.The KMI-30 index declined by 433.90 points to close at 57401.12 points as compared to 57835.02 points of the previous session. The KSE all-share index went 159.00 points down to close at 24186.61 points as compared to 24345.61 points of the previous session. Dewan Cement was the volume leader in the market with 43.640 million shares as it closed at Rs 17.81 followed by Sui Northern Gas Company with trading of 15.318 million shares and closed at Rs 34.65. Pace (pak) limited traded 13.576 million shares and closed at Rs 7.38.

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