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Stocks open on negative note

Stocks open on negative note

KARACHI: The Pakistan Stock Exchange (PSX) Friday started day on negative note and dropped 57 points to drop to 42211 points level in early trading.

On Thursday, bears returned to the PSX, pulling back 642 points from the benchmark 100-share index. The index closed at 42,269 points. After an intra-day high of 262 points, selling pressure in the second half dragged the market down, brokers said.

DGKC closed at its lower limit as pressure on pricing continued to weigh on investors’ sentiments. Top 5 contributors in session were NML (up 3.2%), HUBC (up 0.6%), NESTLE (up 0.7%), JLICL (2.9%) & NRL (up 1.3%), contributing 42 points. Amongst sectors, major selling was seen in cement (down 3.2%) as the sector contributed 145 points to index decline. Similarly, oil & gas marketing contributed 90.5 to index points as the sector was down 3%.

Volumes increased by 11% to 185m shares compared to 166m shares of previous session and values increased by 7% to Rs10b/$95m. Azgard Nine led the volume with 21m shares traded.