KARACHI: The bearish note further deepened in the Pakistan Stock Exchange till midday as the benchmark 100-index shed 537.49 points to reach 46672.57 points level after losing 47,000 mark on Wednesday.
Earlier, the stocks opened negative and shed 131.24 points to drop to 47078.82 points level in early trading.
On Tuesday, the PSX index surged to new highs and touched highest level of 47,210 points by gaining 271.47 points or (0.58%).
HBL and UBL led the index by contributing 243 points to the gain. After a gap of almost 11 years, local index closed in green for 13 consecutive sessions. Intraday rally was witnessed in the banking sector, as it gained to close 2.8 percent higher than its previous day close. HBL (rose 5%) and UBL (3.47%) were major index movers of the aforementioned sector. Profit taking was witnessed in the E&P sector on the back of nominal decline in crude oil prices, as it lost value to trade below $52/bl level. POL (slipped 2.17%) and OGDC (1.21%) were major losers of the aforementioned sector.
HUBC (up 3.66%) gained for the third consecutive trading session to close in the green zone on the back of extension in the financial closing and Implementation Agreement (IA) for its 660x2MW imported coal based power plant, stated an analyst at JS Global. Overall, volumes increased by 30 percent to 450 million shares, while value rose by 5.6 percent to Rs21.7 billion/$207 million. DSL was the volume leader with 58 million shares traded.
