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PSX remains sceptical, closes negative

PSX remains sceptical, closes negative

KARACHI: The Pakistan Stock Exchange Friday closed negative after shedding 57.68 points to drop to 43078.38 points level.

The stocks recorded the highest trading level of 43187.09 points and lowest level of 42347.19 points, with the volume of about 188.13 million shares and value of Rs11.27 billion. As many as 362 companies were active; of which 145 advanced, 196 declined and 21 remained unchanged.

Azgard Nine was the volume leader with 18.15 million shares, adding Re1 to reach Rs16.26. It was followed by Aisha Steel Mill with 14.26 million shares, shedding Rs0.18 to end at Rs20.86 and TRG Pak Ltd with 13.15 million shares, surging Rs1.29 to close at Rs42.88.

The top three gainers were Nestle Pakistan with price per share of 11014 (532), Mari Petroleum with price per share of 1772.44 (67.11) and Wyeth Pak Ltd of 2269 (44).

The top three losers were Bata (Pak) with price per share of 2945 (-155), Colgate Palmolive with price per share of 2325 (-115) and Abbott Lab share of 783.14 (-40.01).

Earlier, the stocks opened on bearish note and shed 87 points to reach 43049 points level in early trading. The PSX remained bearish as the benchmark 100-index shed 396.50 points to drop to 42739.56 points level till midday.

On Thursday, the stocks witnessed bloodbath for the third time in the week, with the benchmark KSE-100 index losing 1,051 points and closing at 43,136 points. Top 5 contributors including HBL (down 3.2%), OGDC (3.5%), POL (5%), MCB (1.9%) & UBL (down 1.7%) contributed 289 points to index decline. Amongst major sectors, major selling was seen in commercial banks (down 2%) as the sector contributed 233 points to index decline. ABL (down 0.60%) from the banking sector announced its result for 1H2017 an EPS of Rs5.75 and DPS of Rs1.75, taking 1H2017 payout to Rs3.5.

Traded volumes were down 11% to 167m shares whereas traded value also declined to Rs8.8b/$84m. ANL from the textile composite sector led the market volume as 11.4 million shares were traded in the market. Scrips of total 367 active companies traded in the session of which only 43 were in advance, 314 were in decline and 10 remained unchanged.