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PSX bounces back with 151pts

PSX bounces back with 151pts

KARACHI: The Pakistan Stock Exchange (PSX) Thursday closed positive  as the benchmark KSE-100 index gained 150.52 points to take the tally to 40813.31.

A total of 96.70 million shares worth Rs5 billion were traded on the exchange. Of the 336 traded scrips, 149 advanced, 159 declined and 28 remained unchanged.

Azgard Nine was the volume leader with 13.54 million shares, adding Rs0.33 to reach Rs15.15. It was followed by TRG Pak Ltd with 7.67 million shares, gaining Rs0.49 to end at Rs35.04 and K-Electric Ltd with 5.77 million shares, dropping Rs0.02 to close at Rs5.39.

The top three gainers were Colgate Palmolive with price per share of 2430 (109), Pak Tobacco with price per share of 1312 (62) and Siemens Pak of 855.44 (40.73).

The top three losers were Unilever Foods with price per share of 6800 (-250), Sapphire Tex with price per share of 1714.72 (-90.24) and Bhanero Tex share of 600.02 (-27.28).

The stocks opened positive after adding 83 points to reach 40746 points level in early trading. The PSX remained bullish till midday as the benchmark 100-inded added 221 points to reach 40883 points level.

Yesterday, the stocks continued to bleed on third consecutive day as the benchmark 100-share index declined by 281 points and closed at 40,663 points. The index has lost 773 points during three consecutive sessions.

At opening, the KSE-100 carried previous day’s negative momentum. ENGRO only shed 2.2% after opening at lower circuit. Further, int’l oil prices shed $1.5 overnight as IEA lowered its demand forecast; subsequently pressure was witnessed in E&Ps.

Worst index point performers were HBL (down 1.6%), OGDC (2.4%), ENGRO (2.2%), MCB (2.4%) & PPL (1.1%), withholding 227 points while MARI (up 3.4%), PAKT (5%), COLG (4.9%), SNGP (1.3%) & BAHL (0.9%) added 64 points to the index. Foreign were net sellers of $5.1m, selling was concentrated in banks ($2.8m), Fertilizer ($2.1m) & cement ($1.2m).