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PSX goes bearish till midday

PSX goes bearish till midday

KARACHI: The Pakistan Stock Exchange (PSX) dropped the early gains till midday and dropped 104 points to reach 45895 points level on Thursday.

Earlier, the stocks opened positive and gained 102 points to reach 46,101 points level in early trading.

On Wednesday, the stocks witnessed volatile session as the unfolding of political scenario kept investors sidelined as KSE 100-index closed marginally up. The market opened on a negative note amidst concerning political noises as the benchmark index made an intra-day low of 338 points. However, value buying helped the index to recover later on, closing 19 points higher at 45,999 points.

The steel sector flourished as ASL (up 4.73%), ISL (4.97%), and INIL (4.32%) closed near their upper circuits. KEL too edged up (2.03%) on FY16 earnings announcement, as their earnings improved by 16% YoY to Rs1.19/share. EPQL (up 4.25%) from the power sector also gained on account of above expectation earnings of Rs4.77/share for 1H2017 and DPS of Rs1.75/share.

Traded volumes were down 4% to 214m shares as compared to 206m shares of the previous day, whereas traded value was down 56% to Rs14b/$131m. Total 386 active companies participated in the session of which 243 concluded in green, 130 in red while 13 remained unchanged.