Saturday , March 23 2019
Breaking News
Home / Markets / PSX sheds 412pts at week closing
PSX sheds 412pts at week closing

PSX sheds 412pts at week closing

KARACHI: The Pakistan Stock Exchange benchmark KSE 100-share Index dropped 411.62 points or 1% to settle at 40,854.77.

In the morning, trading opened on a positive note and the index rose past 41,400 points. Later, it fell around 360 points by the end of first half and extended the decline in second half.

Many index-heavy stocks succumbed to the selling pressure with automobile and exploration and production stocks being the hardest hit.

Fauji Cement (+1.11%) led the volumes chart with more than 13 million shares changing hands.

Overall, the cement sector showed a declining trend where big players Lucky Cement (-2.4%), DG Khan Cement (-4.5%), Pioneer Cement (-5%) and Cherat Cement (-4.4%) were on a downward trajectory.

On the economic front, liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $342 million to $9.885 billion due to external debt servicing and other official payments.

Oil and Gas Development Company (-1%) from the exploration and production sector declared its FY18 results. The company posted earnings per share of Rs18.31 and final cash payout of Rs2.50 per share.

Overall, trading volumes decreased to 120.9 million shares compared with Thursday’s tally of 159.7 million. The value of shares traded during the day was Rs4.6 billion.

Shares of 378 companies were traded. At the end of the day, 80 stocks closed higher, 283 declined while 15 remained unchanged.

Fauji Cement was the volume leader with 13.9 million shares, gaining Rs0.27 to close at Rs24.51. It was followed by Engro Polymer XD with 8 million shares, gaining Rs0.37 to close at Rs32.88 and Unity Foods with 7.3 million shares, losing Rs1.97 to close at Rs37.49.