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PSX sheds 265pts on first trading day

PSX sheds 265pts on first trading day

KARACHI: After witnessing bullish note in early trading, the Pakistan Stock Exchange closed bearish as the benchmark 100-index dropped 265.22 points to reach 46593.34 points level on Monday.

The stocks recorded the highest trading level of 47083.26 points and lowest level of 46312.95 points, with the volume of over 170.26 million shares and value of Rs9.14 billion. As many as 356 companies were active; of which 114 advanced, 209 declined and 33 remained unchanged.

WorldCall Telecom was the volume leader with 15.41 million shares, adding Rs0.16 to reach Rs3.71. It was followed by K-Electric with 10.80 million shares, shedding Rs0.13 to end at Rs6.92 and TRG Pak Ltd with 10.70 million shares, gaining Rs2.09 to close at Rs46.68.

The top three gainers were Jubile Life Ins with price per share of 823 (22.76), Otsuka Pak with price per share of 239.65 (11.41) and Pak Oilfields of 477.69 (11.18).

The top three losers were Bata (Pak) with price per share of 3350 (-150), Wyeth Pak Ltd with price per share of 2083.35 (-109.65) and Indus Motor Co share of 1865.14 (-92.38).

Earlier, the stocks opened positive after gaining 215 points to take the tally to 47073 points level in early trading. The PSX shed the early gains and lost 349 points to drop to 46509.38 points level till midday.

On Friday, the PSX stayed in the red zone for third consecutive day as the benchmark KSE 100-index conceded another 584.17 points and closed at 46,858.56 points.

Market lacked volume yesterday, with only 130 million shares traded throughout the day as compared to 355 million on the last trading day. While traded value also decreased to Rs7.4b/$71.2m. Volumes were led by Bank of Punjab with 18.6m shares traded, followed by World Call Telecom with 12.3m shares traded and K-Electric Ltd with 10.1m shares traded. Scrips of total 319 active companies participated in the session of which 200 finished in red, 98 in green while 21 remained unchanged.