Profit-taking means KSE-100 is down 1.4pc, Pakistan posts $9m current account surplus in Nov
Business
Selling pressure most visible in sectors which made biggest gains during recently
KARACHI (Web Desk) – The KSE-100 Index tumbled 1.40 per cent on Monday as investors opted for profit-taking – a trend visible during the past week as well – amid strong macroeconomic indicators locally and falling oil prices in global markets.
That’s why selling pressure was most visible in oil and gas marketing as well as exploration companies, cement, chemical, commercial banks and fertilizer – the very sectors boosted by the record-breaking surge witnessed by the Pakistan Stock Exchange during the recent weeks and months.
On Friday, the market had closed with the benchmark KSE-100 Index at 66,130.02, representing a 93.61 net weekly loss, which transformed the massive decline during Monday’s session.
However, this slide or market correction shouldn’t surprise anyone as investors were bound to take advantage of the boost through profit-taking at some point.
Another reason for long-term market stability are the improving figures shared by the State Bank of Pakistan, which were reflected on Monday by the current account surplus – $9 million – posted for the month of November, 2023.
It is a massive improvement when compared with the same month last year which had seen a current account deficit of $157 million – the first surplus since June 2023 when it was recorded at $520 million.
