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PSX again closes flat as volatility continues

PSX again closes flat as volatility continues

KARACHI: The Pakistan Stocks Exchanged (PSX) Thursday again witnessed variation in trading and lost the early gains in the last session as the benchmark 100-index lost 2.63 points to close at 45905.76 points level.

The stocks recorded the highest trading level of 46025.07 points and lowest level of 45758.21 points, with the volume of about 158.81 million shares and value of Rs6.32 billion. As many as 372 companies were active; of which 132 advanced, 221 declined and 19 remained unchanged.

BoP was the volume leader with 27 million shares, shedding Rs0.21 to reach Rs11.14. It was followed by Azgard Nine with 17.92 million shares, losing Rs0.63 to end at Rs13.73 and Sui South Gas with 8.74 million shares, shedding Rs0.86 to close at Rs42.77.

The top three gainers were Nestle Pakistan with price per share of 10700 (500), Rafhan Maize with price per share of 7350 (350) and Sapphire Tex of 1999.98 (80).

The top three losers were Archroma Pak with price per share of 732.97 (-38.57), JDW Sugar with price per share of 401.85 (-21.15) and Service Ind. Ltd share of 1370 (-20).

Earlier, the PSX remained flat in early trading as the benchmark 100-index added 14 points to reach 45923 points level. The stocks gained 67 points till midday to reach 45975 points level.

On Wednesday, the stocks remained lackluster as the 100-share index, after trading between an intra-day high of 189 points and a low of 60 points, close at 45,908 points after losing 9 points, owing to jitters from the political backdrop.

Despite dull activity, market appeared to consolidate as prices have fallen down to extremely attractive levels. MEBL (down 0.52%) from the commercial banks declared its 1H2017 result. In its result, the bank posted EPS of Rs3/share. The bank also announced first interim cash dividend of Rs1.75/share and a right issue of 6% at Rs50/share (Rs3b).

FFBL (up 1.49%) from the fertilizer sector announced its 2Q2017 result as well. In its result, the company posted an LPS Rs0.27/share and a dividend of Rs0.10/share.