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PSX sheds some early gains, closes positive adding 98pts

PSX sheds some early gains, closes positive adding 98pts

KARACHI: Despite shedding most of the early gains, the Pakistan Stock Exchange closed positive as the benchmark 100-index added 98.42 points to reach 46010.45 points level on Monday.

The stocks recorded the highest trading level of 47111.54 points and lowest level of 45911.74 points, with the volume of about 319 million shares and value of Rs18.76 billion. As many as 386 companies were active; of which 255 advanced, 114 declined and 17 remained unchanged.

Azgard Nine was the volume leader with 33 million shares, adding Rs0.46 to reach Rs15.11. It was followed by K-Electric with 19.77 million shares, losing Rs0.03 to end at Rs6.56 and Sui South Gas with 18.23 million shares, shedding Rs1.38 to close at Rs41.25.

The top three gainers were Unilever Foods with price per share of 6431.50 (131.50), Sanofi-Aventis with price per share of 1744.42 (83.06) and Mari Petroleum of 1751.97 (55.42).

The top three losers were Philip Morris Pak with price per share of 2767.25 (-145.64), Sapphire Tex with price per share of 1900 (-99.98) and Exide (PAK) share of 761.88 (-39.52).

Earlier, the stocks started new week on positive note and made recovery of 761 points to reach 46673 points level in early trading. The PSX continued its upward journey after gaining massive 1050 points till midday to take the tally to 46962 points level.

On Friday, after witnessing a rebound in the first four sessions of the week of 611 points, the market nosedived by more than 1,600 points during the first of half of Friday ahead of the Supreme Court’s decision regarding the disqualification of the prime minster.

However, the market recovered sharply to close 6 points up after the Supreme Court announced the disqualification of the PM Nawaz as value hunters saw it as an end to longstanding uncertainty. Overall, the market closed 1.4 percent WoW higher with trading volumes increasing by 48 percent WoW to 198 million shares/day and average traded value rising by 36 percent WoW to $97 million/day. Key top charters were Foods (+10 percent WoW) and Refineries (+6 percent WoW) while among the laggards were Sugar and allied industries (-3 percent WoW) and Cements (-2 percent WoW) during the week.