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PSX closes week on bearish note after shedding huge 462pts

PSX closes week on bearish note after shedding huge 462pts

KARACHI: The Pakistan Stock Exchange closed week on bearish note as the benchmark 100-index lost 462.07 points to reach 42074.09 on Friday.

The stocks recorded the highest trading level of 42570.77 points and lowest level of 42000.47 points, with the volume of 109.67 million shares and value of Rs3.66 billion. As many as 303 companies were active; of which 81 advanced, 202 declined and 20 remained unchanged.

Faysal Bank Limited was the volume leader with 11.92 million shares, adding Rs0.71 to reach Rs24.70. It was followed by First Dawood Investment Bank Ltd with 10.97 million shares, gaining Rs0.60 to end at Rs4.76 and Bank of Punjab with 10.86 million shares, adding Rs0.03 to close at Rs11.90.

Investment Banks/investment Co was the top traded sector with total traded volume of 13,250,000 shares. It was followed by Technology and Communication with a total traded volume of 12,750,500 shares.

The top three gainers were Pak Elektron Limited with a volume of 11,536,500 and price per share of 34.33 (-1.69), First Dawood Investment Bank Limited with a volume of 10,638,500 and price per share of 5.06 (0.30), TRG Pakistan Limited with a volume of 7,725,000 and price per share of 25.73 (-1.29).

The top three advancers were Island Textile Mills Limited with a volume of 650 and price per share of 1,078.48 (46.97), Gatron (Industries) Limited with a volume of 400 and price per share of 254.50 (11.93), Otsuka Pakistan Ltd with a volume of 100 and price per share of 262.95 (8.95).

The top three losers were Pakistan Tobacco Company Limited with a volume of 40 and price per share of 2,061.55 (-108.45), Colgate-Palmolive (Pakistan) Limited with a volume of 20 and price per share of 2,800 (-50.00), Sanofi-Aventis Pakistan Limited with a volume of 60 and price per share of 1,172.51 (-27.49).

The stocks started the last trading day of week on bearish note and lost 49 points to reach 42487 level in early trading. The bearish note further deepened at PSX till midday as the benchmark 100-index lost 289 points to drop to 42247 level.

On Thursday, the PSX landed in the red, with the benchmark KSE-100 index shedding 236 points to close at 42,536 points.

The benchmark index opened on a positive note to hit a day’s high of 42,838 points but failed to continue the momentum and touched a day’s low of 42,447 points near the end of the session.

In all, 127 million shares worth Rs4.7 billion were traded at the exchange. Of the 325 traded scrips, 112 advanced while 184 declined and 29 remained unchanged. Commercial banks dominated trading by a margin with 29.83m shares traded.