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PSX closes on positive note, adds 554pts

PSX closes on positive note, adds 554pts

KARACHI: The Pakistan Stocks Exchanged (PSX) Friday tried to recoup some losses as the benchmark 100-index gained 553.89 points to take the tally to 44337.44 points level.

The stocks recorded the highest trading level of 44466.38 points and lowest level of 43695.88 points, with the volume of about 111.75 million shares and value of Rs5.94 billion. As many as 334 companies were active; of which 231 advanced, 86 declined and 17 remained unchanged.

Silk Bank Ltd was the volume leader with 8.30 million shares, adding Rs0.06 to reach Rs1.49. It was followed by Power Cement with 8.21 million shares, gaining Rs0.21 to end at Rs12.15 and K-Electric Ltd with 7.98 million shares, dropping Rs0.20 to close at Rs6.59.

The top three gainers were Wyeth Pak Ltd with price per share of 2241 (84.48), Sanofi-Aventis with price per share of 1718.33 (82) and Shield Corp of 635 (31).

The top three losers were Atlas Battery with price per share of 814.67 (-10.96), Shell Pakistan with price per share of 544.83 (-10.11) and Pak. Int. Cont share of 321 (-10).

Earlier, the stocks opened bullish after adding 291 points to regain 44,000 mark and reached 44075 points level in early trading. The PSX shed the early gain till midday and added only 4.61 points to reach 43788 points level.

On Thursday, the volatility prevailed at PSX as KSE 100-index, which made an intra-day high of 329 points and an intra-day low of 731 points, closed at 43,783 points after losing 8 points.

Commercial banks’ heavyweights all closed in the green zone cumulatively contributing 87 points to the index. NBP (+2.65%), MCB (+1.23%) and HBL (+1.57%) were among the gainers from the sector. On the other hand, the losses in the E&P sector, dragged down the benchmark index by shedding 42 points as oil closed lower on account of concerns over rising production in the US. OGDC (-0.94%), POL (-0.90%) and PPL (-0.36%) were the major losers in the aforementioned sector. K-Electric was volume leader with 20 million shares of the power distributor changing hands. Traded volume & value shed 42% to 125.5m shares & Rs7.3b/$69.2m, respectively.