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PSX loses early gains till midday

PSX loses early gains till midday

KARACHI: The Pakistan Stock Exchange Thursday witnessed fluctuation in trading and shed early gains till midday as the benchmark 100-index gained 18.63 points to reach 43810.82 points level.

Earlier, the stocks recouped some losses as the benchmark 100-index gained 256 points to reach 44048 points level in early trading.

On Wednesday, the PSX continued its downward trajectory. The benchmark 100-share index lost another 328 points and closed at 43,792 points. The stock market opened on a bearish note carrying momentum from Tuesday’s sell-off. Initially, the KSE-100 shed 1,093 points or 2.5%, slipping to an intra-day low of 43,027 points, which subsequently triggered some value hunting.

Top index point decliners were LUCK (-3.6%), HUBC (3.3%), ENGRO (2.8%), DGKC (5%) & SNGP (4.7%); withholding 265 points, while OGDC (+4.4%), HBL (+2%), FFC (+5%), PPL (+3.1%) & KAPCO (+3.6%) added 239 points.

On the sector front, cement shed 169 points, OMCs 71 points, & auto assemblers 30 points; while E&Ps added 93 points & banks added 10 points. Market participation improved with volume rising 16% to 215m shares, while traded value surged 27% to Rs12.6b/$119.8m.