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PSX sheds early gains, goes bearish till midday
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PSX sheds early gains, goes bearish till midday

KARACHI: The Pakistan Stock Exchange (PSX) became flat till midday and shed 2.86 points to drop to 43897 points level on Wednesday.

Earlier, the PSX tried to recoup some previous losses in early trading and added 358 points to reach 44257 points level.

On Tuesday, the stocks witnessed another uninspiring session with a sharp decline in the KSE 100-index level. On account of political uncertainty and selling pressure from foreign investors, 100-index lost 1,389 points and closed at 43,899 points. Weak external account numbers and fear of rupee depreciation also remain a matter of concern for investors.

The top 5 contributors to index decline included OGDC (down 3.9%), ENGRO (4.3%), HBL (2.4%), MCB (4.3%) & HUBC (3.6%), contributing 322 points to index decline. Traded volumes were up 68% to 191m shares whereas traded value was up 51% to Rs9.1b/$86m. BOP from the banking sector led the volume with 12 million shares changing hands.