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PSX loses massive 487pts till midday

PSX loses massive 487pts till midday

KARACHI: The Pakistan Stock Exchange shed all the early gains till midday and lost massive 487 points to drop to 49280.77 points level on Wednesday.

Earlier, the stocks started trading on positive note and added 148 points to reach 49915.64 points level in early trading.

On Tuesday, the range-bound activities witnessed at the PSX with benchmark index lost 197 points. Market opened on a weak note on the back of unfortunate terrorist incident in Lahore. During the latter hours, selling pressure was witnessed in the market by sceptical investors as the index lost around 198 points to close at around 49,768 level.

Index heavyweight HBL (rose 0.42%) closed in the green zone as the banking company declared its year end result for 2016. In its result, the company posted an EPS of Rs23.23/share along with a dividend announcement of Rs3.5/share taking the full year payout to Rs14/share.

Aisha Steel emerged the volume leader with 40 million traded shares. Overall, volumes decreased by 2.4 percent to 353 million shares, while value declined by 8.5 percent to Rs17.2 billion.