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Stocks open bearish

Stocks open bearish

KARACHI: The Pakistan Stock Exchange (PSX) Thursday opened bearish and lost 138 points to reach 42172 points level in early trading.

On Wednesday, the stocks witnessed bullish activity on institutional interest in scrips across the board as benchmark KSE 100-index recovered over 1000 points. Bulls ruled the local bourse yesterday, taking the KSE 100-index up by 1,031 points. The index closed at 42,310 points. Banking, cement and E&P sectors led the optimism.

Increase in shares prices of heavy weight stocks including HBL (up 4.42%), OGDC (4.83%), UBL (2.90%), PSO (3.86%) and ENGRO (4.51%) brought bulls back to the PSX.

Top 10 index point contributors were HBL (up 4.5%), OGDC (5%), ENGRO (4.5%), UBL (3%), PPL (2.4%), PSO (3.9%), POL (3.9%), LUCK (2.5%), SNGP (3.5%) & MARI (5%); adding 557 points to the upside.

Volumes also increased to 174 million shares, up 74% DoD, with ANL (-1.62%) being the volume leader that contributed 13% to the total volumes. While traded value increased to Rs9.6b/$92m.