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PSX closes negative after shedding 212.59pts

PSX closes negative after shedding 212.59pts

KARACHI: The Pakistan Stock Exchange shed all the early gains after midday and dropped 212.59 points to reach 49375.71 points level at closing on Friday.

The stocks recorded the highest trading level of 49893.38 points and lowest level of 49320.48 points, with the volume of over 373.30 million shares and value of Rs 25.71 billion. As many as 403 companies were active; of which 220 advanced, 170 declined and 13 remained unchanged.

K-Electric was the volume leader with 28.40 million shares, adding Rs 0.09 to finish at Rs 9.9. It was followed by Power Cement Ltd with 25 million shares, adding Rs 1.08 to end at Rs 22.83 and Dost Steels Ltd with 24.27 million shares, gaining Rs 0.12 to close at Rs 16.06.

The top three gainers were Rafhan Maize with price per share of 7959 (379), Millat Tractors with price per share of 1105.41 (52.63) and Ghandhara Ind share of 956.41 (33.66).

The top three losers were Wyeth Pak Ltd with price per share of 4221.23 (-204.77), Sapphire Tex with price per share of 1288.27 (-67.80) and Hinopak Motor per share of 1660.11 (-38.89).

Earlier, the stocks started the last trading day of week on positive on as the benchmark 100-index gained 65 points to reach 49653.34 points level in early trading. The upward rally continued at the Pakistan Stock Exchange till midday and it gained 287 points to reach 49874.81 points level.

On Thursday, the stocks staged recovery on lucrative valuation as the benchmark shares index rallied 374 points or (0.76%) to close at 49,587 level.

Banking sector led the gain in the market, as it gained to close (0.5%) higher than its previous day close. UBL (rose 2.42%), MCB (1.10%) and HBL (0.88%) were major index movers from the aforementioned sector, contributed 106 points to the gain in index. Investor interest was seen in the automobile sector as it close (2.21%) higher, where MTL (5%) and HCAR (3.56%) were amongst the major movers of the sector. DGKC (slip 0.96%) and MLCF (0.26%) in the cement sector lost value to close in the red zone, as both the companies declared their 1HFY17 result. Overall volumes increased by 37 percent to 263 million shares, while value declined by 18.4 percent to Rs14.2 billion.