KARACHI: The Pakistan Stock Exchange Wednesday lost almost all the early gains till last session and closed almost flat after gaining just 7.35 points to reach 40057.52 points level.
The stocks recorded the highest trading level of 40205.07 points and lowest level of 40018.36 points, with the volume of over 239.01 million shares, having about Rs 15.37 billion value. As many as 388 companies were active; of which 165 advanced, 201 declined and 22 remained unchanged.
Cement was the top traded sector with 27,793,200 volume, while power generation & distribution remained second with 22,577,200 volume.
K-Electric was the volume leader with 17.43 million shares, gaining Rs 0.06 to finish at Rs 8.62. It was followed by Pak Electron with 13.09 million shares, adding Rs 0.80 to end at Rs 74.64 and Pakcem Ltd with 10.17 million shares, gaining Rs 0.88 to close at Rs 24.23.
The top three gainers were Unilever Foods with price per share of 5805.83 (255.83), Wyeth Pak Ltd with price per share of 2047 (97) and Philip Morris Pak per share of 1359 (58.97).
The top three losers were Rafhan Maize with price per share of 7615 (-119), Siemens Pak with price per share of 870.36 (-28.64) and Indus Motor Co per share of 1130.75 (-21.11).
Earlier, the stocks started day with bullish trend adding another 68.81 points to reach 40118.98 points level in early trading. The PSX remained bullish till midday and gained 77.03 points to take the tally to 40127.20 points level.
On Tuesday, the bullish trend at Pakistan equity market continued as the KSE 100 index hit intraday all time high of 40,211 points before settling down at 40,050 point at the close of the trading session, registering gains of only 19.65 points. The turnover increased to 240 million shares as compared to 216 million shares traded on Monday. The value of shares traded at the Pakistan stock market soared to Rs 13 billion against Rs 10 billion worth of shares traded the previous day. The market capitalization has also jumped up by Rs 3 billion to Rs 8 trillion in the back drop of bullish market.
Cement, energy and auto sectors remained pivotal. Major activity was witnessed in Dewan Cement whose 18 million shares were traded followed by K-Electric (17 million), Dewan Salman (13 million), Dewan Motors (11 million) and TRG Pak (7 million). Rally in cement sector was mainly due to the expectations of stronger Fiscal Year 2016 (FY16) results. Market pundits expect major correction after the end of financial result season. On Tuesday the shares prices of 186 companies increased while 188 companies suffer decline. Share value of 25 companies remained unchanged.
