Stocks falter on institutional profit-taking

After scaling a historic peak the previous day, the stock market on Thursday came under selling pressure as investors indulged in profit-taking, dragging the index below the 72,000 level. Ahsan Mehanti of Arif Habib Corporation said institutional profit-taking in selected overbought scrips and adjustments in the earning season stalled the overnight rally. He added that the weak rupee and structural reforms for the new IMF programme are likely to withdraw subsidies in the energy, fertiliser, and gas sectors, and expectations over the status quo in the SBP policy announcement next week depressed market sentiments. According to Topline Securities Ltd, sectors such as oil and gas exploration, auto, banking, cement, and fertiliser contributed to the index’s decline, with companies like Millat Tractors Ltd, Pakistan Oilfield Ltd, Lucky Cement, Faysal Bank Ltd, and Engro Corporation wiped out 206 points.