KARACHI: The Pakistan Stock Exchange Friday closed negative amid pressure on banking stocks as investors await the SBP key policy rate decisions.
The benchmark 100-index remained lacklustre during the day as the index traded between an intraday high of 122points and low of 89 points to close at 48,971 level (down 46 points), owing to jitters from the political backdrop
The stocks recorded the highest trading level of 49138.40 points and lowest level of 48928.18 points, with the volume of over 353.39 million shares and value of Rs11.38 billion. As many as 372 companies were active; of which 192 advanced, 162 declined and 18 remained unchanged.
K-Electric was the volume leader with 42.43 million shares, adding Rs 0.27 to finish at Rs 8.68. It was followed by BoP with 35.71 million shares, adding Rs 0.98 to end at Rs 18.25 and Aisha Steel Mill with 28.78 million shares, gaining Rs 1.28 to close at Rs 27.02.
The top three gainers were Philip Morris Pak with price per share of 2351.16 (111.96), Wyeth Pak Ltd with price per share of 3077.96 (71.49) and Rafhan Maize share of 7650 (50).
The top three losers were Bhanero Tex with price per share of 767.16 (-40.35), Ghandhara Ind with price per share of 915.67 (-27.21) and Millat Tractors per share of 1265.90 (-21.28).
Earlier, the stocks opened on positive note after Pakistan Day holiday and gained 51 points to reach 49068 points level in early trading. The PSX witnessed some fluctuation in trading but remained in green zone as the benchmark 100-index added 42 points to reach 49059 points level till midday.
On Wednesday, the stocks closed flat amid late session pressure on oil stocks after a fall in global crude prices and concerns over a major fall in global equities. The market opened on a positive note, maintaining its previous session trend. The index traded at an intraday high of 127 points before making an intraday low of 59 points. It finally closed at 49,017 levels after a decline of 3.42 points.
Volume was recorded at 318 million shares, up 41 percent. KEL (slipped 5.19%), BOP (gained 6.15%) and ANL (7.80%) were volume leaders where KEL closed in the red on the National Electric Power Regulatory Authority announcing a seven-year tariff for KEL, slashing average tariffs by Rs3.50/unit (by 23%).
