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Stocks open under pressure

Stocks open under pressure

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday remained under pressure in early trading as the benchmark 100-index added 30 points to reach 46496 points level.

On Monday, the stocks started week on a bearish note, with benchmark 100-share index losing 412 points to close at 46,466 points.

Decline in stock prices is plausibly a result of jitters felt from the political impact of recently ousted PM’s rally. EPCL (down 2.08%) declared its financial results for 1H2017; an EPS of Rs1.58 was announced that stood below investors’ expectations for the quarter.

Major laggards were LUCK (down 1.96%), HUBC (1.58%), and ISL (4.81%) as they cumulatively wiped away 87 points from the index. On a sector wise level, commercial banks dragged down the market by 51 points, with UBL (down 1.16%), NBP (0.54%) and MCB (0.73%) were among the major losers from the sector. Owing to lower global oil prices, OGDC (down 1.10%), POL (1.45%) and PPL (down 0.63%) from the E&P sector also ended in the red zone. Volumes were lower at 241m shares, compared to 346m shares in the previous session. While traded value declined to Rs10b.