KARACHI: Open with positive note, the Pakistan Stock Exchange closed negative over institutional profit-taking as the benchmark 100-index shed 19.63 points to drop to 42113.91 points level on Tuesday.
The stocks recorded the highest trading level of 42413.46 points and lowest level of 42009.91 points, with the volume of over 480million shares and value of 20.36 billion. As many as 409 companies were active; of which 175 advanced, 219 declined and 15 remained unchanged.
BoP was the volume leader with 57.28 million shares, adding Rs 0.19 to finish at Rs 19.52. It was followed by K-Electric with 31.51 million shares, shedding Rs 0.02 to end at Rs 9.29 and Pak Int. Bulk with 29.53 million shares, gaining Rs 1.49 to close at Rs 33.00.
The top three gainers were Bata (Pak)XD with price per share of 4200 (100), Island Textile with price per share of 1418.08 (67.52) and AL-Ghazi Tractors share of 577.36 (27.49).
The top three losers were Wyeth Pak Ltd with price per share of 3471.36 (-121.68), Mari Petroleum with price per share of 1025.96 (-18.65) and Millat Tractors per share of 806.27 (-14.20).
Earlier, the stocks opened bullish and gained 231 points to reach record level of 42364.64 points in early trading. The Pakistan Stock Exchange shed some early gains but remained bullish till midday as the benchmark 100-index added 149 points to reach 42282.41 points level.
On Monday, the PSX crossed the psychological barrier of 42,000 points for the first time ever amid thin trade. The benchmark 100-share index rallied by 292 points and closed at all-time high level of 42,133 points.
FFBL (up 1.49%) in the fertiliser gained on the back of EOGM announcement by the company in which it will pass a resolution to acquire shares of FFBL Power Company Limited (FPCL). A coal based power plant of 110MW is being set up under FPCL, which is expected to come online by 1Q-2017. This coal based power plant will add considerably to company’s bottom line going forward. SNGPL (0.34%) gained to close in the green zone on the back of the news that gas companies will spend around Rs71 billion on upgrading their transmission networks to meet future needs of the country.
POL (2.25%), PPL (0.79%) and OGDC (0.22%) in the E&P sector gained on the back of slight rebound in crude oil prices, as magnitude 5 earthquake struck Oklahoma State on Sunday near the largest US oil storage hub. Overall, volumes decreased by 26 percent to 333 million shares, while value decreased by 6.5% to Rs14.2 billion/$136 million.
