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Stocks open on negative note

Stocks open on negative note

KARACHI: The Pakistan Stock Exchange Thursday started day on negative note and shed 88 points to drop to 46399 in early trading.

Pakistan equities remained dull during Wednesday’s session as investors are looking for a new trigger apart from pending amnesty scheme. Proposed budgetary measures are leading rally in stocks like 1) Fauji Foods (FFL +3%), where government is considering to reduce import duty on powder milk to 5%, 2) Fauji Fertilizer (FFC, +1%) and Lotte Chemicals (LOTCHEM, +2%), where government is considering removal/reduction of GIDC. The benchmark Index (KSE100) closed flat at 46,486, gaining 10 points.

Gas utility companies like Sui Northern Gas Pipeline (SNGP) and Sui Southern Gas Pipeline (SSGC) gained 2% and 3% in their values respectively, as both companies are seeking increase in gas tariff.

Top five stocks PSO (+2.6%), FFC (+1.3%), PPL (+0.6%), SNGP (+1.7%) & FFBL (+4.1%), withheld 81pts from the index whereas stocks including UBL (-1.9%), POL (-1.1%), EFERT (-1.6%), FCCL (-2.5%) & ENGRO (-0.6%) added 96pts to the index gain. Ecopack Limited (ECOP) notified exchange about successful completion of its BMR of two Preform injection machine, that will boost the company’s production capacity by 92%.