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  • Market watch: Index manages positive finish despite profit-taking

    Market watch: Index manages positive finish despite profit-taking Market watch: Index manages positive finish despite profit-taking

    A largely positive ride ended almost flat as the benchmark-100 index gained just 18 points by close with profit-taking kicking in after days of impressive gains.

    At close, the Pakistan Stock Exchange’s (PSX) benchmark index registered an increase of 0.05% to end at 39,049.46.

    Elixir Securities, in its report, stated that day started off on a positive note with oil stocks providing early support and pushing the benchmark to test an all-time high of 39,292 points. “Thereafter, wider market witnessed increased volatility amid selling that wiped gains. However, E&Ps stood strong and weathered the weakness on reports of institutional buying; Pakistan Petroleum (PPL PA +1.6%) and Pakistan Oilfields (POL PA +1.4%) extended gains,” said analyst Faisal Bilwani.

    “Profit bookers targeted cements with Lucky Cements (LUCK PA -0.6%) and DG Khan Cement (DGKC PA +0.14%) ending lower while Maple Leaf Cement (MLCF PA +1.7%) and Pioneer Cements (PIOC PA +0.4%) managed to close the day positive albeit on trimmed gains,” he said.

    “Excitement was evident in autos and pharmas with the former remaining in limelight on expectation of better sales numbers and later on reports of foreign buying,” Bilwani added.

    Meanwhile, JS Global stated that the index failed to sustain that level due to profit taking.

    “Automobile sector extended its previous day gain as the sector closed almost 1% higher than its previous day with major gainers of the aforementioned sector being HCAR (0.87%) and INDU (1.37%),” said Arhum Ghous.

    “E&P sector continued to garner investor interest, as POL (1.40%), PPL (1.59%) and OGDC (0.41%) gained in the wake of recent discoveries and some bounce back in global oil prices,” he said.

    “PNSC (0.44%) gained on the back of recent government decision to abolish customs duty, general sales tax and withholding tax on import of ships and all floating crafts till 2020.