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PSX bounces back with huge 927.63pts

PSX bounces back with huge 927.63pts

KARACHI: The Pakistan Stock Exchange recouped on Wednesday as the benchmark 100-index gained huge 927.63 points to take the tally to 42910.79 points level at closing.

The stocks recorded the highest trading level of 42949.90 points and lowest level of 41927.22 points, with the volume of over 166 million shares and value of Rs9.35 billion. As many as 387 companies were active; of which 300 advanced, 74 declined and 13 remained unchanged.

TRG Pak Ltd was the volume leader with 14.29 million shares, adding Rs1.55 to reach Rs41.99. It was followed by Azgard Nine with 12.719 million shares, gaining Rs0.99 to end at Rs16.17 and Aisha Steel Mill with 8.78 million shares, surging Re1 to close at Rs20.35.

The top three gainers were Unilever Foods with price per share of 6200 (200), Philip Morris Pak with price per share of 2800 (122.50) and Indus Motor Co of 1743.30 (80.32).

The top three losers were Bata (Pak) with price per share of 2800 (-145), Service Ind. Ltd with price per share of 1114.93 (-58.68) and Wyeth Pak Ltd share of 2186.01 (-43.99).

Earlier, the PSX opened on positive note and gained 496 points to take the tally to 42478.73 points level in early trading. The upward rally continued at the stocks as the benchmark 100-index added 553 points to reach 42536 points level till midday.

On Tuesday, the PSX continued its downward trend on second consecutive day as benchmark 100-shares index lost another 170 points and closed at 41,983 points.

Top 5 index point contributors included ENGRO (up 1.9%), DAWH (3%), BAHL (2.8%), PPL (1.2%) & EFERT (2.8%) which added 113 points. On the contrary, LUCK (down 3.4%), DGKC (4.8%), FFC (3.2%), SEARL (4.2%) & HUBC (1.3%) led to decline of 165 points.

Recovery came from upside in the heavy weight commercial banking scripts including HBL (up 0.5%), ABL ( 4.9%), UBL (0.9%) and NBP (up 0.7%). Amongst steel companies, ASTL (up 3.9%), INIL (0.1%), and ISL (up 0.9%) closed in the green zone as investors picked these stocks at attractive prices.

Volumes improved by 42%, standing at 217 million shares for the day as compared to 153 million of the previous day. Traded value also increased to Rs12b/$115m.