Stocks attract technical selling

KARACHI — Karachi stocks yesterday came in for active profit-selling after a sustained run-up of the last couple of sessions but the underlying sentiment remained uppishly inclined thanks to the presence of support at dips.

By Our Correspondent (KSC report)

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Published: Fri 28 Dec 2007, 10:25 AM

Last updated: Sat 4 Apr 2015, 9:43 PM

The opening was, however, fairly promising on strong follow-up support on selected counters but the midsession witnessed the return of the bears, some of whom indulged in profit-selling at the higher levels.

The bulk of the support again remained confined to most of the secondliners, notably TRG Pakistan, Telecard, JS Bank, and Dewan Cement as a section of investors was not inclined to opt for high-profile issues owing to election uncertainties, floor brokers said.

After touching the session's peak at 14,875.40, the KSE share index finally finished with a modest fall of 42.77 points at 14,772.08 as compared to 14,814.85 a day earlier. Some of the leading base shares remained under pressure on selling.

The KSE 30-share index also suffered a fall of 37.48 points at 17,578.78 on selling in some of the leading industrial shares.

Trading volume showed a further increase at 328 million shares from the overnight's 308 million shares owing to alternate bouts of buying and selling on some of the counters.

The weakness of the banking and oil sectors after the recent run-up was said to be the chief destabilising factor behind the market's snap reversal, analysts said but predicted that further price appreciation are overdue on some of the sectors.

"The market appears to be in a consolidation phase and could resume its upward drive even tomorrow as portfolio adjustments on some of the counters are still halfway," they added.

Although minus signs dominated the list under lead of Wyeth Pakistan and Unilever Pakistan, off by Rs119.00 and 60.00 but JS & Co and EFU Life managed to put on fresh sharp gains of Rs34.40 and 31.00 respectively.

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