KARACHI: The Pakistan Stock Exchange remained sceptical in early trading over US presidential candidate Donald Trump’s triumph, but huge trading in banking sector boosted the market in the last session. The KSE benchmark 100-index closed positive after gaining 89.72 points and reached 42203.63 points level on Wednesday.
The stocks recorded the highest trading level of 42227.74 points and lowest level of 41352.52 points, with the volume of over 552.54million shares and value of Rs 21.03 billion. As many as 391 companies were active; of which 175 advanced, 196 declined and 20 remained unchanged.
BoP was the volume leader with 108.96 million shares, adding Rs 0.85 to finish at Rs 20.37. It was followed by Telecard Limited with 43.56 million shares, adding Rs 0.36 to end at Rs 5.25 and Sui South Gas with 30.38 million shares, gaining Rs 1.17 to close at Rs 46.85.
The top three gainers were Wyeth Pak Ltd with price per share of 3634.83 (163.47), Philip Morris Pak with price per share of 2037.19 (48.19) and Colgate Palmolive share of 1607 (41.50).
The top three losers were Sanofi-Aventis with price per share of 1669.99 (-23.68), Murree Brewery with price per share of 956.56 (-20.67) and Hinopak Motor per share of 1400 (-20.27).
Earlier, the stocks shed massive 453.32 points in early trading to drop to 41660.59 points level. The Pakistan Stock Exchange dropped 491 points till midday to reach to 41622.73 points level as Republican Party’s controversial candidate Donald Trump has taken prominent lead over the Democratic Party’s candidate Hillary Clinton in the US presidential election.
According to economic experts, the triumph of Trump would be drastic for the world economy. The word’s major stocks especially Asian markets have already tumbled over the better position of the controversial candidate.
On Tuesday, stock market closed marginally down amid late session profit taking in selected scrips across the board. The 100-share index, after reaching up to the level of 42,413 points, declined by 19.63 points and closed at 42,113.91 points.
Market opened on a positive note and rallied to make an intra-day high of 280 points but came under selling pressure during the last hours of session as the index fell to close on a flat note (-0.05%). Investor interest was seen in the cement sector on the back of the numbers released by APCMA that showed YoY growth of 12.87% in the cement dispatches for the month of October-2016. FCCL (4.86%) and CHCC (2.97%) were top performers of the aforementioned sector. Overall, volumes increased by 44% to 480m shares, while value increased by 43% to Rs20.3b/$194m.
