KARACHI - Pakistan Stock Exchange (PSX) continued its upward trajectory on Thursday as the index initially gained to make an intraday high of 433 points. However, profit taking was observed towards the end of the day with index ultimately closing at 49,517 level by gaining 145.42 points.

Profit taking was observed in the textile sector with key names such as NML (down 1.73pc), NCL (3.05pc) and GATM (4.78pc) closing in the red zone. HUBC (rose 4.09pc) extended its previous day rally on the back of material information disseminated in the market that the IPP has exercised its option to increase its stake in its subsidiary GHPGL from 26 percent to 47.5pc, said analyst at JS Global.

Bullish sentiments witnessed in stock across the board at the start of the session, followed by pressure in blue chip scrips on concerns for foreign outflows, global equities sell-off and institutional profit taking in the earnings season, stated Ahsan Mehanti. Hubco JV stake increase to 47.5 percent in the imported coal fired project and speculations in banking, auto and pharma stocks played a catalyst role in record close.

SNGP closed at its upper limit of 5 percent in anticipation of better upcoming result. Profit taking was seen in fertiliser stocks as investors remained skeptical about the subsidy on urea manufacturers. Moreover, some profit taking was also observed in few oil and cement stocks. Overall, volumes increased by 18 percent to 563m shares, while value declined by 9.2pc to Rs22.6b/$226m.