Stocks lose 279 points on profit-taking

The index conceded some of the massive gains of 799 points made a day earlier. Quarterly and yearly closure of corporate books met anticipated flows from institutions that created selling pressure in the market.
Banks sold shares worth $2.33m while individuals also thought it prudent to take profit ahead of the weekend and reduced positions by $1.69m. Market remained range-bound throughout the two sessions also due to the year-end rollover week. The index hit ntraday high and low by 162 points and 401 points.
During the first half, the market made slight gains from previous session but lost momentum. Intermarket Securities attributed it to lack of triggers and negative news flow, including fuel price adjustment in electricity prices and seasonal gas shortages.
Moreover, the prime minister was in the city and was scheduled to preside over the PSX Top-companies Awards ceremony later in the day. Market was anxiously awaiting to hear of any incentive package.
Mainly oil and gas marketing companies, exploration and production, power and cement sectors remained under pressure. The volume increased 12pc to 267.6m shares, from 236.8m. Technology sector led the volumes with 49.2m shares.
Traded value increased by 19pc to reach $61.2m as against $51.3m. Stocks that contributed significantly include Worldcall Telecom, Unity Foods, Hascol (right issue), Maple Leaf Cement and Fauji Foods, which formed 39pc of total turnover. Foreign investors sold stocks of $0.57m.
Sectors contributing to the performance include power, higher by 35 points, fertiliser 29 points while banks were down 89 points, exploration and production 63 points, investment banks 28 points, cement 27 points and insurance 26 points.
Scrip-wise, major decliners in Habib Bank, lower by 0.9pc, MCB 1.1pc, Oil and Gas Development Company 1.6pc, Dawood Hercules 2.2pc, Fauji Fertiliser Company 1.6pc, Bank Al Habib 1.1pc, Engro Fertilisers 0.8pc and Lucky Cement 0.9pc.