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Monday February 26, 2024

Profit taking ends PSX’s record-breaking run

In November alone, the benchmark index has gained more than 8,500 points

By Web Desk
November 29, 2023
An investor talks on his phone at the PSX. — AFP/File
An investor talks on his phone at the PSX. — AFP/File 

KARACHI: The Pakistan Stock Exchange (PSX) was pulled down by the bears on Wednesday, breaking the benchmark KSE-100 index’s record-breaking streak.

In November alone, the benchmark index has gained more than 8,500 points, with it hitting new highs for the past seven sessions, but profit-taking finally ended its flight.

Arif Habib Limited (AHL) Head of Research Tahir Abbas told Thenews.com.pk that profit-taking was witnessed in the market after a consecutive positive streak of seven sessions with 6.4% gains or 3,667 points.

“Correction is always healthy for the market and we believe that the positive momentum of the market will continue going forward,” the analyst added.

The benchmark index had jumped to an all-time high of 61,555.83 during the intra-day trade. However, it lost 228.27 points or 0.38% to close at 60,501.99 points.

Commenting on the bull intra-day run, Head of Research at Pakistan-Kuwait Investment, Samiullah Tariq said that the market was reacting positively because it expects an interest rate cut, a quick International Monetary Fund (IMF) review, and strong profitability of companies.