Profit-taking erodes early gains, KSE closes in red

The Karachi stock market closed slightly lower on the last trading day of the week Friday after witnessing substantial gains during intra-day trade due to recovery in global stock markets. However, the gains were short-lived as investors went for profit-taking.

The Karachi Stock Exchange (KSE) 100-share index shed 2.91 points or 0.03 percent to close at 11,262.04 points as compared with 11,264.95 points of the previous session. The KSE 30-share index gained 47.89 points to close at 10,768.60 points as compared to 10,720.71 points.

“The sentiment remained negative amid thin volumes in Friday’s short session, despite strong valuations and record earnings announcements in the oil sector,” said Arif Habib Investments Ltd Director Ahsan Mehanti.

From: Dailytimes