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PSX goes bearish, sheds 264pts till midday

PSX goes bearish, sheds 264pts till midday

KARACHI: The Pakistan Stock Exchange (PSX) became bearish till midday as the benchmark 100-index shed 263.67 points to drop to 41059.98 points level on Thursday.

Earlier, the PSX opened on positive note after adding 37 points to reach 41360 points level in early trading.

On Wednesday, the stocks showed modest recovery on institutional support in oversold scrips. The benchmark 100-share index gained 90.57 points. Investors showed bullish sentiment for most part of the day in previous day’s trading session as market gained to make an intra-day high of 325 points, however it closed at 41,323 points.

Top 10 contributors to index points included NESTLE (up 4.6%), DGKC (5%), LUCK (1.8%), MLCF (5%), PAKT (5%), MTL (3.7%), ENGRO (1%), BAFL (3.4%), PAEL (4%) & THALL (3.5%) which added 221 points. HBL for the 3rd consecutive day closed at lower lock, eroding 143 points from the index level.

TRG led the volume with a total of 20 million shares being exchanged. Brokers expect volatility to persist in the near future and recommend investors to sell on strength.

Volume improved by 2% to 132m shares, as compared to 130m shares in the previous trading session. Whereas traded value was up 18% to Rs7.1b. Scrips of total 358 active companies traded in the session of which 203 closed in green, 140 in red while 15 remained unchanged.