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Volatile session at PSX erases early gains as 100-index closes negative

Volatile session at PSX erases early gains as 100-index closes negative

KARACHI: A volatile session was seen at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 erasing intraday gains on Tuesday to close with a loss of 66 points at 40,725.

The stocks recorded the highest trading level of 41353.23 points and lowest level of 40692.09 points, with the volume of 166.8 million shares and value of Rs9.71 billion. As many as 366 companies were active; of which 147 advanced, 202 declined and 17 remained unchanged.

Aisha Steel Mill was the volume leader with 15.17 million shares, adding Re1 to reach Rs18.16. It was followed by TRG Pak Ltd with 11.04 million shares, shedding Rs0.69 to end at Rs33.43 and Dost Steels Ltd with 9.51 million shares, gaining Rs0.44 to close at Rs12.24.

The top three gainers were Khyber Tobacco with price per share of 1238.19 (58.96), Indus Motor Co with price per share of 1773.90 (37.80) and Honda Atlas Cars of 540.31 (25.72).

The top three losers were Nestle Pakistan with price per share of 12500 (-127.80), Pak Tobacco with price per share of 1472.50 (-77.49) and ICI Pakistan share of 789.28 (-19.15).

The stocks continued its upward rally in early trading and added 264 points to reach 41055 points level. The PSX remained bullish till midday after adding another 562 points to take the tally to 41353 points level.

On Monday, the stocks managed to stage a strong comeback as market participants cherished the announcement of a possible support package by Prime Minister for revival of stock market. The benchmark KSE 100-index rallied by 945 points and closed at 40,791 points.

Top 10 index point contributors were OGDC (up 3.4%), ENGRO (4.7%), LUCK (5%), POL (3.3%), PPL (2.3%), PSO (4.1%), DAWH (5%), SNGP (5%), HBL (1.3%) & MCB (1.8%); adding 428 points, while JDWS (down 3.9%), KTML (1.2%), OLPL (2.1%), GADT (1%), KAPCO (0.7%), CPPL (0.1%), POML (0%), PMPK (0%), PICT (0%) & PAKT (down 0%), withheld 11 points. Sector-wise; E&Ps gained 158 points as Iraq-Kurdistan conflict and fears of new Iran sanctions drove up oil prices. Fresh buying was seen in the cement sector as chatter of a possible meeting among cement producers in upcoming days to keep firm pricing surfaces – the sector gained 146 points. Banks and fertilizer sectors cumulatively gained 252 points.