Profit taking restricts surge in KSE 100 Index to 32.40 points

KARACHI—Profit taking at Karachi Stock Exchange on Wednesday slowed down the phenomenal surge in its 100 Index which but managed a modest increase of 32.40 points to close at 14829.59 points. Mohammad Iftikhar Ali, a dealer associated with a leading brokerage house said the investors appeared to wait for the outcome of ongoing parleys and negotiations in the political front following the astonishing scenario that emerged out of polls on Monday. Reluctance to take any major risk and inclination towards selling led to decline in the prices of 214 scrips while 123 went up and 45 remained unchanged. “Volume turnover was also estimated at 359.151 million shares as compared to previous 373.441 million shares,” he said. Market capitalization though improved yet was insignificant with Rs.4.565 trillion against Tuesday’s Rs.4.560 trillion. The cautious approach of investors resulted in major investment in mutual funds followed by telecommunications, banking and oil and gas sectors.—Online