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PSX drops 278pts as downward rally continues till midday

PSX drops 278pts as downward rally continues till midday

KARACHI: The downward journey continued at the Pakistan Stock Exchange till midday as the benchmark 100-index dropped 278.33 points to reach 40225 point level on Thursday.

Earlier, the stocks started trading on positive note after adding 283 points to reach 40786 points level in early trading.

On Wednesday, the PSX remained volatile throughout the day and the 100-share index shed another 107 points and closed at 40,503 points.

Index point losers included MARI (down 4.7%), SNGP (4.2%), FFC (2.2%), LUCK (1.6%) & KTML (4.4%), eroding 115 points; while PSEL (up 4.5%), HBL (0.3%), UBL (0.8%), POL (1.3%) & INIL (2.8%) added 79 points.

Mixed sentiment were witnessed in the cement sector where KOHC (up 2.76%), LUKC (0.02%), DGKC (0.31%) closed positive and on the flipside FCCL (down 0.43%), MLCF (0.88%) and PIOC (0.74%) closed in the red zone.

Market volumes also remained low at 129m shares, 30% down from the last trading day. While traded value also declined to Rs5.3b/$51m. KEL remained volume leader with 12m shares exchanging hands. Symbols of 387 active companies were traded in the session of which 223 finished in decline, 127 in advance while 17 remained unchanged.