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PSX loses another 107pts as bear-run continues

PSX loses another 107pts as bear-run continues

KARACHI: The Pakistan Stock Exchange Wednesday also remained bearish and lost 107.04 points to drop to 40503.68 points level.

The stocks recorded the highest trading level of 40776.97 points and lowest level of 40315.02 points, with the volume of over 129.56 million shares and value of Rs5.39 billion. As many as 356 companies were active; of which 138 advanced,200 declined and 18 remained unchanged.

K-Electric was the volume leader with 11.66 million shares, shedding Rs0.12 to reach Rs6.28. It was followed by TRG Pak Ltd with 8.04 million shares, losing Rs0.19 to end at Rs34.29 and Fauji Foods with 7.65 million shares, shedding Rs0.04 to close at Rs10.57.

The top three gainers were Khyber Tobacco with price per share of 1018.67 (48.50), Murree Brewery with price per share of 752.91 (33.16) and Colgate Palmolive of 2180.65 (30.65).

The top three losers were Unilever Foods with price per share of 6560 (-140), Service Ind. Ltd with price per share of 961.40 (-50.60) and Wyeth Pak Ltd share of 1680 (-31.50).

Earlier, the stocks started day keeping previous day’s bearish trend and shed 201 points to reach 40409 points level in early trading. The PSX bounced back with 86 points till midday to reach 40696 points level.

On Tuesday, the stocks witnessed another uninspiring session as the benchmark KSE-100 index witnessed a sharp decline of 489 points or (1.2 percent) to settle at 40,611.

Index point losers were DAWH (down 4.9pc), LUCK (dip 3.1pc), SNGP (slip 3.9pc), KEL (down 6.9pc) & OGDC (slump 1.7pc) eroding 156 points; while BAHL (up 1.1pc), POL (gain 0.7pc), ABL (rose 4.9pc), FCCL (up 0.9pc) & SCBPL (gain 4.2pc) added 32 points.

Sector wise; fertiliser shed 89 points amid uncertainties over export deadline and looming penalty, cement shed 77.1 points as investors remained wary of the pricing pressure ahead due to supply addition, OMCs were down 71 points and power sector shed 57 points led by KEL and HUBC. Steel companies also declined, where ISL (down 2.24pc), INIL (dip 2.30pc), ASTL (slip 1.95pc) dipped the most. Participation expanded 49 percent from yesterday’s levels amid heavy turnover of 76.7 million shares in KEL (42 percent of total volumes) as participants were busy scouring through the 111 page document to best position themselves.

Scrips of total 386 active companies participated in the session of which 303 finished in decline, 64 in advance while 19 remained unchanged.

Traded volume stood at 184 million shares while traded value was up 6 percent, at Rs6.5 billion/$62 million.