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PSX goes bearish till midday after shedding 97pts

PSX goes bearish till midday after shedding 97pts

KARACHI: The Pakistan Stock Exchange landed in negative zone till midday as the benchmark 100-index lost 97 points to drop to 45621 level on Thursday.

The stocks opened almost flat and gained only 22 points to reach 45741 level in early trading.

Yesterday, stock market closed down 158 points or 0.35 percent as investors opted for profit-taking. Volumes during the day improved by 17 percent whereas value was down 5 percent as pressure was seen in selected index heavy weight stocks.

Cement sector remained the major loser withholding 47 points from the index on rumors of cut in cement prices per bag. E&P sector also dipped withdrawing 29 points from the index as international oil prices were down 1.5 percent.

EPCL and PAEL remained the volume leaders. EPCL rallied 2 percent on announcement of anti dumping duties on PVC. On the other hand, PAEL remained under pressure (down 4 percent) due to disappointing 1Q2018 financial result.

Top 5 scrips including HBL (-1 percent), PKGS (-5pc), COLG (-4.9pc), BAFL (-2.8pc) & DGKC (-2.2pc) contributed 88 points to the index decline whereas stocks including DAWH (+1.7pc), HASCOL (+5pc), MCB (+1 percent), PAKT (+1.9 percent) & GLAXO (+4.2 percent) added 70 points to the index gain.