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Stocks recoup 232pts in early trading
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

Stocks recoup 232pts in early trading

KARACHI: The Pakistan Stock Exchange (PSX) Wednesday recouped 231.81 points in early trading to reach 43526.76 level.

Yesterday, the stocks closed lower on second consecutive day as the KSE 100-index succumbed to pressure due to political qualm. Bourse slipped down to finally close at 43,295 points, down 278 points.

Top heavyweights of the bourse HBL (down 2.15%), OGDC (0.19%), UBL (0.80%), MCB (1.21%), ENGRO (0.55%) and HUBC (2.16%) cumulatively detracted 154 points from the index.

EPCL (up 1.52%) in the chemicals closed positive as the directorate general customs valuation (DGCV) has revised the customs values of UPVC, CPVC, PPRC pipes and pipe fittings under section 25 (9) of the Customs Act, 1969. In the E&P sector, PPL (up 0.14%) and POL (0.34%) closed positive as the international oil prices edged up. However, OGDC (down 0.19%) came under pressure as the earnings clocked in at Rs8.53/share, with a payout of Rs3/share.

Volumes increased to some extent from 125m shares to 169m shares (+35% DoD). Average traded value also increased from $46.2m to $70.2m (+52% DoD). Stocks that contributed significantly to the volumes included DCL, TRG, ANL, FFL and DFML, reflecting 31% of total volumes. Scripts that contributed positively included LUCK that added 10 points, TRG 9 points, NATF 7 points, PAKT 6 points and IGIIL that added 6 points respectively.