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PSX rebounds with 505pts to reach 49371.60pts level

PSX rebounds with 505pts to reach 49371.60pts level

KARACHI: The Pakistan Stock Exchange Wednesday witnessed a bullish day as benchmark 100-index gained 505.81 points to take the tally to 49371.60 points level.

The stocks recorded the highest trading level of 49389.89 points and lowest level of 48865.79 points, with the volume of over 460 million shares and value of Rs 24.98 billion. As many as 411 companies were active; of which 236 advanced, 159 declined and 16 remained unchanged.

Engro Fert was the volume leader with 31.74 million shares, adding Rs 0.95 to finish at Rs 70.57. It was followed by TRG Pak Ltd with 25.51 million shares, adding Rs 47.98 to end at Rs 1.97 and Pace (Pak) Ltd with 19.48 million shares, gaining Rs 0.24 to close at Rs 12.41.

The top three gainers were Bata (Pak) with price per share of 4300 (100), Unilever Foods with price per share of 5700 (70) and Service Ind Ltd share of 1604.14 (63.70).

The top three losers were Sanofi-Aventis with price per share of 2605.07 (-104.93), Pak Tobacco with price per share of 1243.50 (-42) and Siemens Pak per share of 1433.97 (-28.10).

Earlier, the stocks opened recouping all the previous losses and gained 298 points in early trading to reach 49164 points level. The Pakistan Stock Exchange kept upward rally till midday and added huge 382 points to reach 49248 points level.

On Tuesday, the bearish sentiments prevailed at PSX due to withdrawal of subsidy on fertiliser sector pushing index to shed 173.62 points or (0.35%) to close at 48,865.79 points. ENGRO, FFC and EFERT contributed 128 points to the fall in index as stocks declined by 2.5%, 2.7% and 4.9% respectively. NML (up 1.43%) and NCL (1.38%) were major gainers of the aforementioned sector. Overall, volumes decreased by 16 percent to 413 million shares, while value declined by 3.3 percent to Rs20.1 billion.