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PSX closes lower after losing 155pts

PSX closes lower after losing 155pts

KARACHI: The Pakistan Stock Exchange on Thursday witnessed another bearish day as the benchmark KSE-100 Index lost 155 points (0.33pc) to close at 46,331.71.

In the fourth session of what has largely been a disappointing week after an encouraging eight-day rally, the index continued to lose ground as worries over the country’s weakened economic position prevailed.

After touching a day’s high of 46,578 right after market open, the index continued on a sustained slide to the day’s low of 46,220 before late activity saw stocks recoup some of their losses.

Overall volumes rose to 332.9 million shares traded, worth Rs10.21 billion. A total of 392 scrips were traded over the day, with 157 advancing, 215 declining and 20 closing unchanged from the previous day.

The stocks started day on negative note and shed 88 points to drop to 46399 in early trading. The bearish note continued at the Pakistan Stock Exchange till midday as the benchmark 100-index shed 94 points to reach 46393 level.

Pakistan equities remained dull during Wednesday’s session as investors are looking for a new trigger apart from pending amnesty scheme. Proposed budgetary measures are leading rally in stocks like 1) Fauji Foods (FFL +3%), where government is considering to reduce import duty on powder milk to 5%, 2) Fauji Fertilizer (FFC, +1%) and Lotte Chemicals (LOTCHEM, +2%), where government is considering removal/reduction of GIDC. The benchmark Index (KSE100) closed flat at 46,486, gaining 10 points.

Gas utility companies like Sui Northern Gas Pipeline (SNGP) and Sui Southern Gas Pipeline (SSGC) gained 2% and 3% in their values respectively, as both companies are seeking increase in gas tariff.

Top five stocks PSO (+2.6%), FFC (+1.3%), PPL (+0.6%), SNGP (+1.7%) & FFBL (+4.1%), withheld 81pts from the index whereas stocks including UBL (-1.9%), POL (-1.1%), EFERT (-1.6%), FCCL (-2.5%) & ENGRO (-0.6%) added 96pts to the index gain. Ecopack Limited (ECOP) notified exchange about successful completion of its BMR of two Preform injection machine, that will boost the company’s production capacity by 92%.