Volatility Reigns as Profit-Taking Hits the Market

Staff Report

The local bourse experienced a profit-booking day as investors opted to cash in on recent gains. The benchmark KSE-100 Index exhibited significant volatility, recording an intraday high of 1,148 points and a sharp intraday low of 1,645 points, ultimately closing at 116,255 points, marking a decline of 1,331 points (1.13%).CCP imposes penalty of Rs. 170M for deceptive marketing

The day’s bearish sentiment was largely influenced by concerns in the gas sector, following reports of a significant rise in circular debt. This concerning development dampened investor confidence, leading to widespread profit-taking across the board.

The cement sector extended its downward trend as investors chose to book profits, spurred by reports of disagreements among cement players. While some are advocating for an increased market share, others are favouring adjustments in geographic sales to secure higher retention prices.

Key contributors to the upward trajectory included ENGROH, HMB, AICL, MCB, and MUREB, collectively adding 395 points. On the other hand, substantial declines in OGDC, PSO, FFC, EFERT, and SNGP weighed heavily on the market, accounting for a combined loss of 698 points.

Trading activity remained robust, with a total volume of 814 million shares traded, translating into a turnover of Rs. 38.2 billion. CNERGY emerged as the volume leader, with 83 million shares changing hands during the session