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PSX closes week on bearish note, sheds 260pts

PSX closes week on bearish note, sheds 260pts

KARACHI: The Pakistan Stock Exchange closed week on bearish note after shedding 259.85 points to drop to 46071.86 level at closing on Friday.

The stocks recorded the highest trading level of 46349.69 points and lowest level of 46036.23 points, with the volume of 197.38 million shares and value of Rs8.76 billion. As many as 351 companies were active; of which 133 advanced, 200 declined and 18 remained unchanged.

K-Electric Limited was the volume leader with 36.15 million shares, adding Rs0.05 to reach Rs7.11. It was followed by Engro Polymer & Chemicals Ltd with 10.86 million shares, losing Rs0.69 to end at Rs39.22 and Fauji Foods Limited with 10.59 million shares, gaining Rs0.38 to close at Rs40.59.

The top three gainers were Sapphire Textile Mills Ltd with price per share of 1828 (82), Colgate Palmolive (Pak) Ltd with price per share of 2900 (49) and Ghandhara Industries Ltd of 884.97 (29.86).

The top three losers were Unilever Pakistan Foods Ltd with price per share of 9401 (-349), Bata Pakistan Ltd with price per share of 2792.50 (-74.17) and Indus Dyeing & Manufacturing share of 548.87 (-28.88).

The stocks started the last trading day on bearish note and shed 108 points to drop to 46224 level in early trading. The Pakistan Stock Exchange dropped another 120 points to reach 46211 level till midday.

On Thursday, the stocks posted third consecutive bearish session during current week, as dwindling investors’ confidence in blue chip stocks coupled with uncertainty over formal approval of parliamentarians for recently launched amnesty scheme dragged 100-share index down by 155 points. The index closed at 46,332 points. Out of 392 traded scrips, 157 managed to close green and 215 closed red while rest remained unchanged.

Top five stocks HBL (-2.3 percent), FFC (-1.9 percent), PSEL (-5 percent), LUCK (-1.1 percent) & NESTLE (-2.6 percent) withheld 165 points from the index whereas stocks including UBL (+0.9 percent), OGDC (+0.6 percent), HCAR (+4.6 percent), PAKT (+2.4 percent) & KEL (+2.8 percent) added 68 points to the index gain.