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PSX falls as investor sentiments remain subdued

PSX falls as investor sentiments remain subdued

KARACHI: The Pakistan Stock Exchange (PSX) benchmark the KSE-100 index continued to close negative on Wednesday as investor sentiments remained subdued as many awaited the formation of new government at the centre.

Earlier, trading began on a positive note and the index climbed over 200 points in initial hours. However, weak investor sentiments wiped out the gains later.

Cement stocks fell following recent announcement of corporate results which were below expectations. Automobile and fertiliser stocks were major losers as big names in the sectors were in the red.

At close, the benchmark KSE 100-share Index recorded a decrease of 191.03 points or 0.45% to settle at 42,446.56.

The index failed to sustain the momentum after disappointing results of Pakistan Oilfields (-0.8%), Attock Cement (-4.1%) and International Steels (-2.3%).

Volume charts were dominated by Pak Elektron (-4.29%) with 8.17 million shares changing hands.

Overall, trading volumes decreased to 145 million shares compared with Monday’s tally of 163 million. The value of shares traded during the day was Rs8.5 billion.

Shares of 362 companies were traded. At the end of the day, 110 stocks closed higher, 238 declined while 14 remained unchanged.

Unity Foods was the volume leader with 8.5 million shares, gaining Rs1.78 to close at Rs39.56. It was followed by Lotte Chemical with 8.2 million shares, losing Rs0.29 to close at Rs14.29 and Pak Elektron Limited with 8.2 million shares, losing Rs1.63 to close at Rs36.37.

Foreign institutional investors were net sellers of Rs224.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.