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PSX recoups some previous losses, closes positive at 45,802pts

PSX recoups some previous losses, closes positive at 45,802pts

KARACHI: The Pakistan Stock Exchange opened lower and continued on the downward trajectory till midday but bounced back and closed positive 119.49 points to take the tally to 45,802 level on Tuesday.

The stocks recorded the highest trading level of 45881.84 points and lowest level of 45484.94 points, with the volume of 147.46 million shares and value of Rs7.56 billion. As many as 359 companies were active; of which 178 advanced, 160 declined and 21 remained unchanged.

Engro Polymer & Chemicals Ltd was the volume leader with 12.86 million shares, adding Rs1.04 to reach Rs39.41. It was followed by Unity Foods Limited with 10.616 million shares, shedding Rs0.18 to end at Rs27.83 and Lotte Chemical Pakistan Ltd with 8.45 million shares, adding Rs0.16 to close at Rs11.07.

The top three gainers were Colgate Palmolive (Pak) Ltd with price per share of 3184.99 (150.99), Nestle Pakistan Ltd with price per share of 12600 (89) and Pakistan Tobacco Co Ltd of 1958 (58).

The top three losers were Island Textile Mills Ltd with price per share of 855 (-45), Indus Dyeing & Manufacturing with price per share of 495.37 (-26.06) and Wyeth Pakistan Limited share of 1670 (-19.40).

The stocks started day on bearish note and shed 51 points in early trading to reach 45631 level.

The Pakistan Stock Exchange remained in negative zone as the benchmark 100-index shed 125 points to drop to 45557 level till midday.

On Monday, the stocks lost 390 points due to increasing political noise and pressure on news of share placement of largest E&P company at discount to market price. Trading volumes were down 24 percent while traded value declined by 27 percent during the day.

E&P sector led the index decline as the sector withheld 135 points from the index, led by pressure seen in OGDC. This was followed by cement sector that deducted 71 points from the index.

OGDC (-4.8 percent), FFC (-3.6 percent), LUCK (-1.5 percent), PPL (-1.1 percent) & PSO (-2.1 percent) withheld 237 points from the index whereas stocks including ENGRO (+1.1 percent), COLG (+4.6 percent), MARI (+1.2 percent), INDU (+1 percent) & SHFA (+2.2 percent) added 51 points to the index gain.