Profit-taking snaps four-day rally at PSX as KSE-100 falls 784 points to 166,409

KARACHI: A four-day rally at the Pakistan Stock Exchange ran out of steam on Friday as profit-taking dragged the benchmark KSE-100 index down 784 points to close at 166,409.

A day spent in the red
The market stayed largely in negative territory through the week’s final session. According to Topline Securities, the KSE-100 shed 784.19 points, or 0.47 percent, to settle at 166,409.25, against 167,193.44 at the previous close. Arif Habib Limited put the day’s high at 167,339 and the low at 166,535, with the index closing near its low after failing to hold early gains. UBL, Lucky Cement and HBL were among the biggest drags on the index.

A positive week, a negative month
Friday’s fall did not erase the week’s gains. Mettis Global’s weekly roundup shows the KSE-100 gained 4,034 points, or 2.48 percent, over the week ended October 30, rising from 162,374.88 on October 23 to 166,409.25. The index had recovered roughly 4,800 points across the previous four sessions, which is what tempted investors to book profits.

October itself was a different story. Topline’s monthly review puts the index down 2.09 percent for the month, blaming geopolitical uncertainty, foreign portfolio outflows, profit-taking in heavyweight stocks and cautious sentiment over global market volatility and domestic economic concerns. Higher oil prices and worries around the Strait of Hormuz kept investors on edge as well.

Volumes and the Shariah index
Turnover in the ready market rose to 825.467 million shares, up from 816.834 million in the previous session. The Shariah-compliant KMI-30 index could not escape the pressure either, falling 986.41 points, or 0.41 percent, to 237,971.74.