KARACHI: The Pakistan Stock Exchange on Wednesday started day on bearish note as the benchmark 100-share index shed 105 points to reach 44899 level in early trading.
Yesterday, the stocks failed to gain momentum for second consecutive day, after gaining 4 percent last week due to currency devaluation. The benchmark 100-share index traded in the range of 44,936 to 45,307 and managed to close above psychological barrier of 45k (45,004), erasing 79 points from the index. However, volumes and value showed recovery, growing by 25 percent and 18 percent, respectively vs Monday, as investors preferred to trade in small cap stocks.
K-Electric gained investors’ attention and claimed top position in volume leader’s list with traded volume of 30m shares, as Shanghai Electric’s fresh public announcement of intention to acquire 66.4 percent equity stake of KEL shows its strong commitment towards consummating the deal despite facing delays in getting regulatory approvals. Fertilizer sector contributed 41 points to index, followed by transport (14 points) and insurance sector (9 points) while, commercial banks and E&Ps eroded 83/59 points from index.
Top five stocks including MCB (-2.9 percent), HBL (-1 percent), BAHL (-2.2 percent), PPL (-0.9 percent) & OGDC (-0.7 percent) withheld 78 points from the index whereas stocks including ENGRO (+1.1 percent), PIBTL (+5.7 percent), DAWH (+1.8 percent), KEL (+4 percent) & PSO (+1.2 percent) added 79 points to the index gain.
