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PSX observes fluctuation in trading till midday

PSX observes fluctuation in trading till midday

KARACHI: The Pakistan Stock Exchange (PSX) shed the early gain till midday and added only 4.61 points to reach 43788 points level on Friday.

Earlier, the stocks opened bullish after adding 291 points to regain 44,000 mark and reached 44075 points level in early trading.

On Thursday, the volatility prevailed at PSX as KSE 100-index, which made an intra-day high of 329 points and an intra-day low of 731 points, closed at 43,783 points after losing 8 points.

Commercial banks’ heavyweights all closed in the green zone cumulatively contributing 87 points to the index. NBP (+2.65%), MCB (+1.23%) and HBL (+1.57%) were among the gainers from the sector. On the other hand, the losses in the E&P sector, dragged down the benchmark index by shedding 42 points as oil closed lower on account of concerns over rising production in the US. OGDC (-0.94%), POL (-0.90%) and PPL (-0.36%) were the major losers in the aforementioned sector. K-Electric was volume leader with 20 million shares of the power distributor changing hands. Traded volume & value shed 42% to 125.5m shares & Rs7.3b/$69.2m, respectively.