Rally Fizzles After Strong Start as Profit-Taking Dominates
ISLAMABAD: The local bourse kicked off on a high note, continuing yesterday’s upward momentum as banking heavyweights led the charge. Optimism fuelled early gains, propelling the benchmark index to an intraday high of 1,245 points.
However, the rally ran out of steam in the latter half, as investors shifted gears to book profits, prompting a wave of selling across the board. The index saw a wide swing, hitting a low of 676 points before closing at 135,393 — down by 562 points or 0.41%. The session mirrored a classic tug-of-war between bullish enthusiasm and prudent gain-taking.
On the leaderboard, UBL, FFC, ABL, PSEL, and ENGROH stood out as top performers, collectively adding 564 points to the index. Meanwhile, pressure from MEBL, PPL, HUBC, and OGDC trimmed gains, dragging the index lower by 350 points.
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Investor participation remained vibrant, with volumes clocking in at 877 million shares and a robust turnover of Rs. 38.57 billion. BOP led the charts, trading an impressive 61.3 million shares — a testament to the market’s underlying liquidity and momentum.
