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Stocks close lower as investors book profits

Karachi: According to a report issued on Thursday the 14th of January, the Pakistan Stock Exchange (PSX) witnessed a volatile session index swaying both ways in search of a clear direction before ending in the flames.

“The market saw profit booking today after testing the 46,000 level several times during the week. Selling activity was mainly observed in banks, cement and E&P sectors, which was caused by a host of reasons including a slight decline in international crude oil prices. Fertilizer stocks, particularly FFBL, performed well on the back of DAP subsidy announced and taken into effect today,” read a report issued by Arif Habib Ltd.

Sectors that were below the benchmark index lower included

  • Oil and Gas exploration (-144.47 points)
  • Cement (-59.79 points)
  • Fertilizers (-41.49 points)

Among the companies, Oil and Gas Development Company Ltd (OGDC -1.89%), Hub Power Company Ltd (HUBC -0.90%), and Engro Corporation Ltd (ENGRO -0.79%) dented the index the most.Bottom of Form

For more updates on the recent lows and highs in the stocks of Pakistan, visit our website Property News.

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