KARACHI: The Pakistan Stock Exchange (PSX) Friday continued its upward journey to cross psychological barrier of 50,000 mark as the benchmark gained 89 points to reach 49606 points level in early trading.
On Thursday, the PSX continued its upward trajectory as the index initially gained to make an intraday high of 433 points. However, profit taking was observed towards the end of the day with index ultimately closing at 49,517 level by gaining 145.42 points.
Profit taking was observed in the textile sector with key names such as NML (down 1.73pc), NCL (3.05pc) and GATM (4.78pc) closing in the red zone. Hubco JV stake increase to 47.5 percent in the imported coal fired project and speculations in banking, auto and pharma stocks played a catalyst role in record close.
SNGP closed at its upper limit of 5 percent in anticipation of better upcoming result. Profit-taking was seen in fertiliser stocks as investors remained sceptical about the subsidy on urea manufacturers. Overall, volumes increased by 18 percent to 563m shares, while value declined by 9.2pc to Rs22.6 billion.
