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PSX goes bearish with 172pts loss till midday

PSX goes bearish with 172pts loss till midday

KARACHI: The Pakistan Stock Exchange became bearish till midday after shedding 172 points to drop to 41229 points level on Monday.

Earlier, the stocks started new week on positive note as the benchmark 100-index added 95 points to reach 41496 points level in early trading.

Last week, bearish trend continued in the first three trading sessions where index lost 250 points. Overall, KSE-100 index surged 194 points (0.5 percent) to close the week at 41,401 level. In terms of activity, ADTO went up by 25 percent WoW to land at 136 million shares whereas, ADTV surged 33 percent to $76.36 million.

On the sector front, E&P’s (+4 percent WoW) outperformed as PPL & OGDC gained 5 percent apiece on the back of rising international oil prices along with an upward revision in local wellhead gas prices. Pharma (+3 percent) was up in anticipation of hike in medicine prices. Individuals provided the market with some much needed liquidity, lapping up $10.5 million of equities while Mutual Funds dumped $11.0 million. Foreigners sold $0.3 million during the week vs selling $14.3 million last week; selling was concentrated in banks ($4.0m), while OMC’s saw $4.8 million of inflows followed by cements ($2.3m) and fertiliser ($0.8m).