KARACHI: Stocks snapped the three-day winning streak on Friday after the KSE-100 index accumulated 808 points from 47,007 and crossed intraday the resistance of 48,000.
Profit booking by investors mainly in the power, banks, E&P, cement and investment banking sectors pulled back the index. Intraday the index oscillated between the high and low of 279 and 163 points.
The benchmark concluded in the red to relinquish 114 points, or 0.24 per cent, at 47,686.
Head of Research at Spectrum Securities Abdul Azeem said that institutional buying in blue-chips could help index renew its climb. He said that activity was mainly concentrated in side-board items.
The figures released by the National Clearing Company of Pakistan showed that insurance companies were major sellers of stocks worth $4.33m.