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Stocks open on bearish note

Stocks open on bearish note

KARACHI: The Pakistan Stock Exchange on Tuesday started day on bearish note and shed 51 points in early trading to reach 45631 level.

On Monday, the stocks lost 390 points due to increasing political noise and pressure on news of share placement of largest E&P company at discount to market price. Trading volumes were down 24 percent while traded value declined by 27 percent during the day.

E&P sector led the index decline as the sector withheld 135 points from the index, led by pressure seen in OGDC. This was followed by cement sector that deducted 71 points from the index.

OGDC (-4.8 percent), FFC (-3.6 percent), LUCK (-1.5 percent), PPL (-1.1 percent) & PSO (-2.1 percent) withheld 237 points from the index whereas stocks including ENGRO (+1.1 percent), COLG (+4.6 percent), MARI (+1.2 percent), INDU (+1 percent) & SHFA (+2.2 percent) added 51 points to the index gain.