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PSX sheds 207pts to drop to 46877 level over profit-taking

PSX sheds 207pts to drop to 46877 level over profit-taking

KARACHI: Opened on positive note, the Pakistan Stock Exchange dropped all the early gains in the last session over profit-taking and dropped 206.97 points to drop to 46877.37 points level on Friday.

The stocks recorded the highest trading level of 47241.17 points and lowest level of 46834.99 points, with the volume of about 345.32 million shares and value of Rs13.41 billion. As many as 395 companies were active; of which 170 advanced, 202 declined and 23 remained unchanged.

BoP was the volume leader with 41.95 million shares, shedding Rs0.02 to reach Rs11.89. It was followed by Azgard Nine with 25.40 million shares, gaining Rs0.27 to end at Rs16.20 and Aisha Steel Mill with 23.24 million shares, adding Rs0.62 to close at Rs23.47.

The top three gainers were Colgate Palmolive with price per share of 2369.27 (100), Sapphire Tex with price per share of 1889.98 (89.98) and Sanofi-Aventis of 1958.42 (64.90).

The top three losers were Philip Morris Pak with price per share of 2519 (-130.08), Hinopak Motor with price per share of 1370.73 (-30) and Service Ind Ltd share of 1324.02 (-28.98).

Earlier, the PSX opened on the last trading day of the week keeping bullish note and gained 118 points to reach 47202 points level in early trading. The stocks kept adding more points till midday and reached 47160 points level after gaining 76 points.

On Thursday, the stocks continued its positive momentum with profit taking in selective stocks as the 100-share index closed at 47,084 points after gaining 135 points.

Index heavy weights continued to drive the rally as HBL (up 1.1%), MCB (2%), KEL (7.7%) and PSO (1.9%) contributed 119 points to index gain. On the other hand, PAKT (down 5%), SNGP (1.9%), ISL (2.7%) and PPL (0.8%) withheld 68 points.

Interest was seen in power generation and distribution sector as the sector gained 3%. KEL remained in limelight gaining 7.7% ahead of its FY16 result which is likely to be prepared on previous multiyear tariff.

Traded volumes were up 24% to 455m shares as compared to 368 million shares in the previous trading session. Whereas traded value was down 4% to Rs16.1b/$153m. Scrips of total 405 active companies participated in the session of which 242 concluded in green, 147 in red while 16 remained unchanged.