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Stocks remain volatile in early trading

Stocks remain volatile in early trading

KARACHI: The Pakistan Stock Exchange (PSX) Friday observed volatility in early trading and lost 176 points to reach 45458 points level.

On Thursday, the stocks witnessed another bearish session due to prevailing political uncertainty due to which the benchmark shares index lost 365 points.

In the initial hours of the day KSE-100 index gained to make an intraday high of 214 points. However, on account of political noise and foreign selling the index plummeted to close 365 points below previous day’s closing, at 45,634 level. PAEL (down 3.9pc) declared its 1HY17 result today in which the company posted an EPS of Rs5.44/share and DPS of Rs1.50/share. Steel sector witnessed profit booking as ASL (dip 2.6pc), ISL (slip 4.7pc), and ASTL (slump 2.5pc) closed in the red zone. LUCK (up 1.3pc), MEBL (rose 1.9pc), KTML (up 1pc) and MUREB (up 3.8pc) contributed 49 points to index gain, whereas DAWH (down 1.8pc), PPL (dip 0.7pc) and PSO (down 1.5pc) eroded 47 points from the index.

ANL from the textile composite sector led the market in terms of volumes with 11 million shares changing hands. Traded volumes were down 18 percent to 175 million shares whereas traded value was down 32 percent to Rs9.3 billion/$88.7 million.