KARACHI: The Pakistan stock market Thursday started trading in positive way and recouped the overnight losses after adding 140.32 points to regain 47,000 mark and reached 47133.63 points level in early trading.
On Wednesday, the profit-taking halted upward journey of PSX pushing share in red zone. HUBC, LUCK and UBL contributed 114 points to the fall in index. Range bound activity was witnessed at market opening, which was followed by hefty selling as the index lost to make an intraday low of 865 points. Recovery was seen in the market during the latter hours, as the index recovered to close at 46,993 point, declining 217 points or (0.46%).
Profit-taking was witnessed in the Banking sector as the sector closed (down 0.83%) lower than its previous day close. UBL (lower 1.41%) and AKBL (2.47%) were major losers of the aforementioned sector. Despite selling pressure in the market there was nominal decline in the E&P sector only, as the crude oil prices surged to trade above $53.50/bl level. Overall, volumes decreased to 388 million shares as compared to 450 million shares traded yesterday, while value rose to Rs21.7 billion.
