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PSX closes negative after shedding 217.66pts

PSX closes negative after shedding 217.66pts

KARACHI: The Pakistan Stocks Exchanged (PSX) Wednesday witnessed bullish note till midday but lost all the gains and closed negative after shedding 217.66 points to drop to 45418.70 points level.

The stocks recorded the highest trading level of 45808.80 points and lowest level of 45297.15 points, with the volume of about 165.5 million shares and value of Rs8.9 billion. As many as 363 companies were active; of which 148 advanced, 200 declined and 15 remained unchanged.

TRG Pak Ltd was the volume leader with 14.10 million shares, adding Rs0.13 to reach Rs37.92. It was followed by K-Electric with 11.60 million shares, losing Rs0.21 to end at Rs6.48 and Engro Polymer with 10.55 million shares, adding Rs0.02 to close at Rs35.66.

The top three gainers were Philip Morris Pak with price per share of 2777.25 (132.25), Wyeth Pak Ltd with price per share of 2378.75 (101.69) and Colgate Palmolive of 2399 (99).

The top three losers were Bata (Pak) with price per share of 3050 (-50), Bhanero Tex with price per share of 812.25 (-42.75) and Khyber Tobacco share of 735.53 (-38.71).

Earlier, the stocks opened bearish losing 194 points to drop to 45442 points level in early trading. The PSX bounced back till midday after adding 78.42 points to reach 45715 points level.

On Tuesday, the PSX rallied by 1,113 points (2.5%) and closed at 45,636 points with buying seen across all major sectors and sideboard items as well.

Top point contributors to the index were UBL (+3.4%), LUCK (+3.4%), OGDC (+3.4%), ENGRO (+3.3%), HUBC (+2.8%), PPL (+2.8%), SNGP (+4.9%), MCB (+2.3%), DAWH (+4.1%) & HBL (+0.9%); adding 495 points. While only 8 stocks closed lower eroding 13 points. On the sector front, banks added 228 points, cements 149 points, E&Ps 145 points, fertilizer 142 points; while chemical shed 2 points.

TRG from the technology sector led the volumes with 11 million shares being traded during the day. Participation improved from yesterday’s drought; volumes rose 110% to 158m shares, while traded value rose 115% to Rs9b/$85.4m.