The stock market experienced sharp swings on Tuesday as the KSE-100 index closed negative as index-heavy stocks and profit-taking dragged the index down.
The benchmark KSE-100 index lost 66.43 points, or 0.16% per cent, by the close of the trading session to reach 40724.96 points.
The KSE 100 index opened positive and went to gain 562+ during the intraday and the investors opted profit taking today.
After rallying by 1500 points in between the 2 days, market took some correction as investors preferred to book profit as the index went down and touched the intraday low of 40692.09 level.
Automobile Assemblers stocks were up today as duty on imported cars increased. As the Industry whispers duty on imported cars has been increased by 15 percent across all car segments as the Government makes her move to decrease the widening deficit and curb imports.
However, the entire sector would benefit from this duty the biggest beneficiary is expected to be PSMC which has been facing direct competition from the imported cars. Honda Atlas (HCAR) and Indus Motor Corp (INDU) will not benefit as much as the PSMC as the companies do not face direct competition from the imported cars.
By the end of the day PSMC was closed at Rs499.06 which hit the upper cap limit and was up by 5%. INDU script was closed Rs 1773.90 up by +2.18% and HCAR was closed at Rs 540.31up by 5% at the bourse today.
Whereas the quarterly results of the companies are also up in line this month, which will provide some stability in the market the market analyst said.
Volumes were better today as the All shares index had a traded volume of 166 million shares Overall, stocks of 366 companies were traded on the exchange, of which 147 gained in value, 202 declined and 17 remained unchanged. In KSE 100, 81 million shares were traded with a net worth of just Rs8.06 billion.
Top traded sectors:
Aisha Steel Mill was the volume leader with 15.17 million shares gaining Rs1.00 to close at Rs18.16. It was followed by TRG Pak Ltd the volume with a turnover of 11.04 million shares, losing Rs0.69 to close at Rs33.43, Dost Steel Ltd with 9.51 million shares, gaining Rs0.44 to close at Rs12.24 and International Steel Ltd 7.08 million shares, losing Rs3.68 to close at Rs104.97.
Top Advancers of the market were:
Top losers of the market were: