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PSX sheds 274pts as bears roar again

PSX sheds 274pts as bears roar again

KARACHI: The Pakistan Stock Exchange (PSX) Monday took a rollercoaster ride and shed 274.19 points to drop to 41126.83 points level.

The stocks recorded the highest trading level of 41552.05 points and lowest level of 41062.47 points, with the volume of over 94.949 million shares and value of Rs5.55 billion. As many as 351 companies were active; of which 88 advanced, 240 declined and 23 remained unchanged.

TRG Pak Ltd was the volume leader with 11.11 million shares, shedding Rs1.71 to reach Rs38.09. It was followed by Jah Sidd Co with 7.35 million shares, gaining Rs1.04 to end at Rs22.01 and Azgard Nine with 6.616 million shares, losing Rs0.70 to close at Rs13.79.

The top three gainers were Khyber Tobacco with price per share of 892.95 (22.98), ICI Pakistan with price per share of 896.17 (21.11) and Abbott Lab of 790.22 (13.28).

The top three losers were Colgate Palmolive with price per share of 2300 (-99), Bhanero Tex with price per share of 771.64 (-40.61) and National Refinery share of 618.61 (-31.17).

Earlier, the stocks started new week on positive note as the benchmark 100-index added 95 points to reach 41496 points level in early trading. The Pakistan Stock Exchange became bearish till midday after shedding 172 points to drop to 41229 points level.

Last week, bearish trend continued in the first three trading sessions where index lost 250 points. Overall, KSE-100 index surged 194 points (0.5 percent) to close the week at 41,401 level. In terms of activity, ADTO went up by 25 percent WoW to land at 136 million shares whereas, ADTV surged 33 percent to $76.36 million.

On the sector front, E&P’s (+4 percent WoW) outperformed as PPL & OGDC gained 5 percent apiece on the back of rising international oil prices along with an upward revision in local wellhead gas prices. Pharma (+3 percent) was up in anticipation of hike in medicine prices. Individuals provided the market with some much needed liquidity, lapping up $10.5 million of equities while Mutual Funds dumped $11.0 million. Foreigners sold $0.3 million during the week vs selling $14.3 million last week; selling was concentrated in banks ($4.0m), while OMC’s saw $4.8 million of inflows followed by cements ($2.3m) and fertiliser ($0.8m).