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PSX recoups with huge 944.61pts

PSX recoups with huge 944.61pts

KARACHI: The Pakistan Stock Exchange (PSX) bounced back with huge 944.61 points on Monday to take the tally to 40791.39 points level at closing.

The stocks recorded the highest trading level of 40813.53 points and lowest level of 39846.78 points, with the volume of 124.8 million shares and value of Rs6.02 billion. As many as 359 companies were active; of which 263 advanced, 82 declined and 14 remained unchanged.

Chakwal Spinning was the volume leader with 10.97 million shares, shedding Rs0.94 to reach Rs5.30. It was followed by Aisha Steel Mill with 6.65 million shares, adding Rs0.98 to end at Rs17.16 and TRG Pak Ltd with 5.55 million shares, gaining Rs1.62 to close at Rs34.12.

The top three gainers were Wyeth Pak Ltd with price per share of 1705.02 (60.02), Khyber Tobacco with price per share of 1179.23 (56.15) and Mari Petroleum of 1454.88 (45.85).

The top three losers were JDW Sugar with price per share of 370 (-15), Faisal Spinning with price per share of 270.67 (-14.23) and Otsuka Pak share of 224.35 (-11.65).

Earlier, the stocks started new week on positive note after recouping 454 points to regain 40,000 mark and reached 40301 points level in early trading. The Pakistan Stock Exchange continued its upward rally to reach 40325 level after adding 479 points till midday.

Last week the PSX benchmark KSE-100 index closed below 40,000 after almost a year by shedding another 1,466 points this week (-3.5 percent WoW), taking losses in YTD 2017 to an astonishing 17 percent.

The overall activity remained abysmal as average traded volumes and traded value clocked-in at 146 million shares per day (+4.1 percent WoW) and $59 million per day (-16.5 percent WoW), respectively. Local Mutual Funds ($30m), Individuals ($8m) and Brokers ($6m) were key net sellers during the week, while foreigners were net buyers of $39 million.

The majority of the investors kept away from the market as their battered confidence failed to find any support as domestic politics and economy continues to attract headlines for all the wrong reasons.

During the week, top 10 worst performers as per KSE-100 index points were LUCK (-8 percent WoW), HBL (-3 percent), ENGRO (-4 percent), DAWH (-8 percent), SNGP (-8 percent), MARI (-9 percent), HUBC (-4 percent), PSO (-5 percent xDxB), MLCF (-14 percent), and SEARL (-11 percent), with cumulative negative contribution of 659 points. While only 12 of the KSE-100 index cripts managed to post gains, accumulating 184 points out of which POL added a solid 131 points.