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PSX remains bearish just before SC’s judgment in Panamagate case

PSX remains bearish just before SC’s judgment in Panamagate case

KARACHI: The Pakistan Stock Exchange (PSX) remained bearish till midday break just before the Supreme Court’s verdict in Panama Leaks case. The benchmark-100 index shed 719.48 points to drop to 45186 points level on Friday.

Earlier, the PSX witnessed a worst opening ahead of Supreme Court’s verdict in Panama Leaks case as the benchmark 100-index shed huge 1134 points to reach 44771 points level in early trading.

On Thursday, the stocks witnessed another lackluster session as the 100-share index, after making an intra-day high of 117 points and a low of 150 points, closed at 45,906 points after losing 3 points.

Top 5 index point performers were NESTLE (up 4.9%), HUBC (1.7%), BAHL (2.5%), OGDC (0.6%) & ABOT (up 4.9%), adding 117 points; while LUCK (down 1.1%), DAWH (1.5%), UBL (0.7%), ENGRO (0.9%) & HBL (0.4%) held back 66 points.

On the sector front, food added 41 points, power 27 points, E&Ps 15 points; while fertilizer shed 26 points, cement 19 points & OMCs 17 points.

UBL (down 0.6%) etched 2Q2017 EPS of Rs4.7, down 18% YoY & in line with expectations; the bank declared dividend of Rs3/sh. Stock closed flat as investors await outcome of SC decisions over JIT probe in the Panama case hearings.

Participation dipped with volumes falling 10% to 159m shares while traded value shed 24% to Rs6.3b/$60m. Top traded ALLSHR stocks were BOP, ANL, TRG, KEL & ASL with combined turnover 57mn.sh (36% of total volume).