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PSX closes flat after witnessing bearish session

PSX closes flat after witnessing bearish session

KARACHI: The Pakistan Stocks Exchanged (PSX) Thursday witnessed bearish session and closed almost flat after shedding 8.64 points to drop to 43783.55 points level.

The stocks recorded the highest trading level of 44121.30 points and lowest level of 43060.98 points, with the volume of about 125.51 million shares and value of Rs7.29 billion. As many as 345 companies were active; of which 146 advanced, 182 declined and 17 remained unchanged.

K-Electric Ltd was the volume leader with 19.72 million shares, adding Rs0.03 to reach Rs6.79. It was followed by TRG Pak Ltd with 8.42 million shares, losing sRs0.55 to end at Rs35.58 and Engro Polymer with 6.56 million shares, dropping Rs0.34 to close at Rs32.94.

The top three gainers were Wyeth Pak Ltd with price per share of 2189.52 (89.13), Pak Tobacco with price per share of 1695 (80) and Island Textile of 966 (45.25).

The top three losers were Nestle Pakistan with price per share of 9785 (-515), Sapphire Tex with price per share of 1890.93 (-99.52) and Honda Atlas Cars share of 651.75 (-26.51).

Earlier, the stocks recouped some losses as the benchmark 100-index gained 256 points to reach 44048 points level in early trading. The Pakistan Stock Exchange witnessed fluctuation in trading and shed early gains till midday as the benchmark 100-index gained 18.63 points to reach 43810.82 points level.

On Wednesday, the PSX continued its downward trajectory. The benchmark 100-share index lost another 328 points and closed at 43,792 points. The stock market opened on a bearish note carrying momentum from Tuesday’s sell-off. Initially, the KSE-100 shed 1,093 points or 2.5%, slipping to an intra-day low of 43,027 points, which subsequently triggered some value hunting.

Top index point decliners were LUCK (-3.6%), HUBC (3.3%), ENGRO (2.8%), DGKC (5%) & SNGP (4.7%); withholding 265 points, while OGDC (+4.4%), HBL (+2%), FFC (+5%), PPL (+3.1%) & KAPCO (+3.6%) added 239 points.

On the sector front, cement shed 169 points, OMCs 71 points, & auto assemblers 30 points; while E&Ps added 93 points & banks added 10 points. Market participation improved with volume rising 16% to 215m shares, while traded value surged 27% to Rs12.6b/$119.8m.