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Stocks start new week on negative note

Stocks start new week on negative note

KARACHI: The Pakistan Stock Exchange (PSX) started new week on negative note and shed 106 points to reach 42972 points level in early trading on Monday.

On Friday, the stocks closed in red on weekend, with the benchmark 100-share index losing 57.68 points and closing at 43,078.38 points.

Market remained negative during the first half of the day, making an intra-day low of 789 points; however recovery was seen during the second half as the index made an intra-day high of 51 points to eventually close 58 points down.

Poor investor sentiments in the banking sector weighed down the index by 29 points as MCB (down 0.16%), HBL (0.81%) and UBL (0.28%) closed lower. ENGRO (down 1.62%) announced its 1H2017 results, where the company posted an EPS of Rs7.21 (down 32% YoY), accompanied with a DPS of Rs7.0. HMB (-0.18%) also posted its 1H2017 result, posting an EPS of Rs2.14 (down 6% YoY), in line with our expectations.

Volumes remained thin at 188m shares, however traded value increased to Rs11b/$107m. Shares of total 378 companies were traded in the session of which 203 declined, 154 advanced while 21 remained unchanged.