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PSX loses early gains, 47,000 mark till midday

PSX loses early gains, 47,000 mark till midday

KARACHI: The Pakistan Stock Exchange (PSX) dropped most of the early gains even 47,000 mark till midday as the benchmark added 37.29 points to reach 46986.33 points level on Thursday.

Earlier, the PSX opened bullish and gained 106 points to cross 47,000 level and reached 47055 points level in early trading.

On Wednesday, the stocks  sustained its bullish momentum at the 100-share index gained 416 points and closed at 46,949 points.

ASL (up 5%), ISL (3.89%) and ASTL (1.55%) were the major gainers from the steel sector. OGDC (down 0.57%), POL (0.25%) and PPL (0.82%) from the E&P sector shed points as international oil prices decreased on account of increasing US oil inventory and high OPEC production. HBL (up 2.94%), MCB (1.60%) and UBL (1.33%) from the commercial banking sector cumulatively contributed 150 points to the index. Volumes stood at 368 million shares as compared to 256 million in the last trading session. While traded value stood at Rs16.8b/$160m.