KARACHI: Opened on positive note, the Pakistan Stock Exchange shed the early gains as the benchmark 100-index dropped 462.40 points to reach 47608.64 points level at closing on Wednesday.
The stocks recorded the highest trading level of 48601.75 points and lowest level of 47484.85 points, with the volume of over 255.54 million shares and value of Rs10.43 billion. As many as 373 companies were active; of which 81 advanced, 269 declined and 23 remained unchanged.
Power Cement was the volume leader with 59.49 million shares, shedding Rs0.32 to reach Rs0.21. It was followed by BoP with 19.64 million shares, losing Rs0.20 to end at Rs0.37 and Dost Steels Ltd with 17.59 million shares, dropping Re1 to close at Rs13.01.
The top three gainers were Rafhan Maize with price per share of 7150 (50), Shifa Int’l Hospital with price per share of 335.51 (10.51) and Tandlianwala Sugar of 196.02 (9.23).
The top three losers were Hinopak Motor with price per share of 1536.04 (-46.12), Service Ind. Ltd with price per share of 1356.02 (-43.98) and Wyeth Pak Ltd share of 2150 (-40).
Earlier, the stocks opened bullish, getting huge 524 points to reach 48595 points level in early trading. The Pakistan Stock Exchange dropped most of the early gains but remain in green zone as the benchmark 100-index gained 76.26 points to reach 48147 points level till midday.
On Tuesday, the stocks showed recovery led by oversold banking, fertilisers and oil scrips on strong valuations. Market remained volatile throughout the day making an intraday low of 572 points and high of 841 points to finally close at 48,071 level, by gaining 399 points above the last trading day.
The KSE-100 index traded in a rollercoaster range of 1,414 points, clocking intraday high/low of 48,513/47,100 points and eventually closed the session in favour of the Bulls, at 48,071 points, up 399points. Market participation expanded as volume swelled 45 percent to 317 million shares, while traded value surged 61 percent to Rs15 billion.