KARACHI - Positive sentiments prevailed in Pakistan Stocks Exchange (PSX) during most part of the first trading day (Monday) as the index rallied to make an intraday high of 46,899 points. However, profit taking was witnessed in the market during the latter hours as the index fell to close on a flat note by gaining 56 points (up 0.12%), dealers said.

Investors’ interest was seen in automobile sector as it gained to close (2%) higher than its previous session close. HCAR (rose 5%) and PSMC (2.43%) were major movers of the aforementioned sector. Pakistan State Oil (PSO) gained to close in the green zone on the back of the news that Competition Appellate Tribunal, in response to plea filed by HASCOL, has upheld Competition Commission of Pakistan’s decision in which it gave clearance to PSO for acquisition of 84 million shares from Shell in Pakistan Refinery Limited (PRL).

DCL gained to close on its upper circuit for the second consecutive session with 6 million shares traded, observed analyst Nabeel Haroon.

Banking stocks slide due to profit taking as MCB, HBL and UBL declined between 0.2%-0.9%. Overall, volumes declined by 21.8% to 179 million shares, while traded value also decreased by 14.2% to Rs9 billion/ $86 million.