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PSX remains bullish on first trading day, adds 235pts

PSX remains bullish on first trading day, adds 235pts

KARACHI: The Pakistan Stocks Exchanged (PSX) opened week positively and gained 234.81 points to take the tally to 45529.20 points level on Monday.

The stocks recorded the highest trading level of 45566.70 points and lowest level of 45271.06 points, with the volume of about 106 million shares and value of Rs5.39 billion. As many as 355 companies were active; of which 219 advanced, 116 declined and 20 remained unchanged.

TRG Pak Ltd was the volume leader with 22.72 million shares, adding Rs1.28 to reach Rs39.91. It was followed by Azgard Nine with 7.29 million shares, gaining Re1 to end at Rs12.97 and BoP with 5.90 million shares, adding Rs0.35 to close at Rs11.54.

The top three gainers were Nestle Pakistan with price per share of 10200 (415), Bata (Pak) with price per share of 3170 (145) and Island Textile of 999.98 (33.98).

The top three losers were Philip Morris Pak with price per share of 2755 (-145), Sapphire Tex with price per share of 1945 (-33.95) and Hinopak Motor share of 1320 (-30).

Earlier, the stocks opened on bullish note and added 203 points to reach 45498 points level in early trading. Despite dropping most of the early gains, the PSX remained in green zone after gaining 71 points to reach 45365 points level till midday.

Last week, the PSX witnessed a slight upward rally following a selling rampage over the last few weeks as value buyers jumped in to take positions ahead of the corporate results season.

The benchmark KSE 100-index closed 2.2 percent higher with average daily volumes and value declining by 23 percent (to 134m shares/day) and 22 percent (to $72m/day), respectively. Amongst the key sectors, oil & gas exploration (+5 percent), autos (+5 percent) and OMCs (+4 percent) were top gainers, whereas textile weaving (-5 percent WoW), power generation (-1 percent WoW) and chemicals (-1 percent WoW) lagged behind.