KARACHI: The Pakistan Stock Exchange (PSX) landed in the red again on Thursday, with the benchmark KSE-100 index losing 596 points, or 1.54 per cent, to close at 38,224 points.
The index lost over 200 points within the first 15 minutes of trading and continued on a downward spiral to hit the day’s low of 38,127 points before market close.
Earlier, the stocks opened bearish after shedding 268 points to reach 38551 points level in early trading. The downward rally continued at Pakistan Stock Exchange till midday and dropped huge 489 points to drop to 38330 level.
On Wednesday, the PSX benchmark KSE 100-index remained positive in trading session and it made an intra-day high of 360 points to finally settle at 38,820 points, gaining 295 points.
Sui companies recovered as SNGP (up 4.4%) & SSGC (3.6%) gained on news that OGRA proposals are not indicative of future profits.
Top index point leaders were MCB (up 2.6%), EFERT (3.4%), ENGRO (1.6%), SNGP (4.4%) & DAWH (2.4%), adding 134 points to the index, while stocks including OGDC (down 1.2%), UBL (0.7%), HBL (0.4%), JDWS (5%) & ISL (1.9%) withheld 62 points from the index.
On the sector front, fertilizer added 93 points, commercial banks added 46 points, oil & gas marketing companies added 34 points, & cements 29 points. On the flip side, oil & gas exploration companies took away 29 points, sugar fell 8 points & engineering was down 6 points.
