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PSX loses early gains to close bearish

PSX loses early gains to close bearish

KARACHI: Opened on positive note, the Pakistan Stock Exchange Monday closed bearish after shedding 54.43 points to reach 43572.67 level.

The stocks recorded the highest trading level of 43945.62 points and lowest level of 43512.09 points, with the volume of over 128 million shares and value of Rs5.12 billion. As many as 359 companies were active; of which 140 advanced, 193 declined and 26 remained unchanged.

Fauji Foods Ltd was the volume leader with 9.80 million shares, gaining Rs 1.30 to finish at Rs27.44. It was followed by TRG Pak Ltd with 7.49 million shares, shedding Rs1.07 to end at Rs35.37 and Matco Foods Ltd with 6.80 million shares, gaining Rs 0.85 to close at Rs27.50.

The top three gainers were Hinopak Motor with price per share of 1210.99 (35.49), Wyeth Pak Ltd with price per share of 1814 (35.09) and Nestle Pakistan share of 11500 (25).

The top three losers were Rafhan Maize with price per share of 7000 (-200), Pak Tobacco with price per share of 1936.96 (-101.94) and Exide (PAK) per share of 399.68 (-20.31).

The stocks started new week on positive note after adding 212 points to reach 43839 level in early trading. The PSX kept its upward rally till midday and gained 218 points to take the tally to 43845 level.

Last week, a roller coaster ride was witnessed as the benchmark KSE-100 index ultimately closed 0.4 percent WoW lower at 43,627.

Sectors such as Cements (down 3.9 percent WoW on weak profitability forecasts for the quarter amidst weak retention prices), Pharmaceuticals (down 4.1 percent WoW on expectations of weak results after recent depreciation of PKR against the greenback), OMCs (down 2.9 percent WoW on profit taking) and Autos (down 1.3 percent WoW on resumption of old rules for imported cars) witnessed heavy pummelling.

Overall trading activity also took a hit with avg. traded volume (down 19 percent WoW to 199m shares/day) and trade value (down 24 percent WoW to US$66mn/day) suffering from market developments. Foreigners were net sellers of $16.1mn worth of shares during the week vs. selling of $8.5mn during last week. On the local front, Insurance were net buyers of $16.8mn whereas Individuals were net sellers of $6.5 million.