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Stocks shed 353pts in early trading

Stocks shed 353pts in early trading

KARACHI: The Pakistan Stock Exchange (PSX) Monday opened on negative note as the benchmark 100-index 353 points to drop to 43984 points level in early trading.

On Friday, the stocks remained lacklustre as the index traded between an intraday high of 683 points and low of 88 points to close at 44,337 level by rallying 554 points or (1.27 percent).

Substantial recovery was witnessed during the last hour of the session, as value-seeking investors started accumulating MSCI stocks, which led the market to enter into the green zone, brokers said. Commercial banking sector contributed 156 points to the index as heavyweights including, MCB (+0.90pc), NBP (+1.72pc) and HBL (+1.28pc) closed in the green zone. PSMC (-1.02pc), HCAR (-1.04pc) and INDU (-1.56pc) from the auto sector shed points on account of the negative impact from the revision of Customs values of replacement auto parts. OGDC (+0.70pc), POL (+1.51pc) and PPL (+1.59pc) were gainers from the E&P sector. Scrips of total 340 active companies participated in the session of which 240 closed in green, 83 in red, while 17 remained unchanged.