Stock market sheds 53 points on profit-taking

LAHORE - The stock market on the last trading day of the week could not resist selling-pressure due to profiting taking by the investors after remaining positive for four consecutive days. The KSE's benchmark KSE-100 index shed 53.35 points to close at 5,969,09 points as compared to 6,022.44 points on Thursday. Volume remained at 229.9 million shares though below the average over 250m traded on daily basis last year but heavy compared to current month trading. Following the huge selling in leading scrips, the bourse landed into negative zone, which shed 0.88 per cent and broke the psychological barrier of 6,000 points. The trading session was started with positive sentiments and bourse gained over 70 points in the morning. After some time the market sank and it landed into negative column and shed few points but before the close of first session, it again recovered and got some points. However, in the second session, it again sank up to 80 points. The market recovered in the last moments before close but remain in red zone losing 53.35 points. The KSE-30 lost 118.4 points to close at 6,132.50 points while KMI-30 also secured 204.42 points and wrapped up at 7,875.11 points. At KSE, 110 scrips recorded gain, 146 remained decline and 16 kept unchanged out of 272 scrips traded on the day. On Friday, Oil and Gas Dev Co emerged as volume leader of the day with 13.7m shares followed by Bank Al-Falah with 13.4m shares and NBP with 12.3m shares. At KSE, Oil and Gas Dev Com, Bank Al-Falah and National Bank shed their values by Re 0.52, Re 0.48 and Re 0.27 closed at Rs 55.34, Rs 13.59 and Rs 69.93 respectively. Pak Strat Fund, TRG Pakistan and Pak PTA Ltd also lost their values by Re 0.03, Re 0.05 and Re 0.22 closed at Rs 2.22, Rs 1.46 and Rs 2.39 respectively. Adamjee Insur, Bank Al-Falah and KASB Securities also dipped down and lost their values of Rs 3.11, Re 0.45 and Re 0.33 closed at Rs 59.13, Rs 3.10 and Rs 13.91 respectively. On the other hand, Jah Sidd Co, PTCLA and WorldCall Telecom gained their values by Re 0.06, Re 0.49 and Re 0.06 closed at Rs 32.99, Rs 15.56 and Rs 2.89 respectively. NIB Bank, Hub Power and DGK Cement secured their further values of Re 0.01, Re 0.96 and Re 0.09 closed at Rs 5.04, Rs 16.54 and Rs 17.75 respectively. Arif Habib Security, United Bank and Netsol Technol also gained their values by Re 0.36, Rs 1.25 and Re 0.34 closed at Rs 27.28, Rs 46.49 and Rs 21.21 respectively. While Lahore Stock Exchange also shed 41.56 points as LSE-25 closed at 1,731.6 points as compared to 1,773.16 points on Thursday wherein 22,793,900 shares were traded as compared 28,042,200 shares on Thursday while 38 scrips remained equal, 40 shed values and 25 moved up.

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