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PSX loses 236pts as bears roar again

PSX loses 236pts as bears roar again

KARACHI: The Pakistan Stock Exchange again closed bearish as the benchmark 100-index lost 236 points to reach 42536.16 on Thursday.

The stocks recorded the highest trading level of 42838.15 points and lowest level of 42446.82 points, with the volume of 127.17 million shares and value of Rs4.66 billion. As many as 325 companies were active; of which 112 advanced, 184 declined and 29 remained unchanged.

Faysal Bank Limited was the volume leader with 11.92 million shares, adding Rs0.71 to reach Rs24.70. It was followed by First Dawood Investment Bank Ltd with 10.97 million shares, gaining Rs0.60 to end at Rs4.76 and Bank of Punjab with 10.86 million shares, adding Rs0.03 to close at Rs11.90.

The top three gainers were Unilever Pakistan Foods Ltd with price per share of 8379 (381), Philip Morris (Pakistan)Ltd with price per share of 2999.57 (99.57) and Khyber Textile Mills Ltd of 317.08 (15.09).

The top three losers were Rafhan Maize Products Ltd with price per share of 8000 (-200), Colgate Palmolive (Pak) Ltd with price per share of 2850 (-150) and Bata Pakistan Ltd share of 2058.53 (-90.47).

The stocks started day on negative note and shed 58 points to reach 42714 level in early trading. The PSX remained bearish till midday as the benchmark 100-index lost 137 points to drop to 42636 level.

On Wednesday, the stocks managed to close in the positive zone with the benchmark KSE-100 index gaining 27 points to close at 42,771 points.

The benchmark index opened higher to peak at 43,061 points but lost points to trade within 200-point range for most part of the day.

In all, 131.33 million shares worth Rs5.5 billion were traded at the exchange. Of the 337 traded scrips, 163 advanced while 162 declined and 12 remained unchanged.

Topline Market Review noted that the market participation declined due to inconclusive meetings between the prime minister and the leader of the opposition on the caretaker prime minister issue. Commercial banks dominated trading by a margin with 30.8m shares traded.