KARACHI: The Pakistan Stock Exchange (PSX) Friday closed the week on a negative note as the benchmark KSE-100 index plunged 354 points to close at 41436.
Though the index offered some resistance in the first half of the trading session, it showed a steep decline in the second half of the day. The market hit a day’s high of 41,836 points, up only 46 points from the market’s opening. It hit a day’s low of 41,391 points near the close of the session.
A total of 128 million shares worth Rs5.7 billion were traded on the exchange. Of the 342 traded scrips, 142 advanced, 181 declined and 19 remained unchanged.
Earlier, the stocks again opened bearish and shed 142 points in early trading to reach 41648 points level. The bearish prevailed at the PSX as the benchmark 100-index dropped 164 point to reach 41626 points level till midday.
Azgard Nine was the volume leader with 15.80 million shares, adding Rs0.66 to reach Rs14.24. It was followed by Dost Steels Ltd with 11.21 million shares, gaining Rs0.05 to end at Rs13.28 and Sui South Gas with 9.77 million shares, losing Rs1.73 to close at Rs35.28.
The top three gainers were Macter Int. Ltd with price per share of 367.17 (17.13), Highnoon (Lab) with price per share of 447.71 (15.85) and Sitara Chemical of 314 (12.33).
The top three losers were Colgate Palmolive with price per share of 2212.01 (-97.99), Pak Tobacco with price per share of 1238 (-62) and Ghandhara Ind share of 569.48 (-22.83).
Yesterday, the bullish activity continued at the PSX on investors’ interest in scrips across the board amid speculations on higher global crude prices and upbeat cement, oil and fertilizer sale. Resultantly, the KSE 100-index went up by 531 points and closed at 41,790 points.
E&P sector led the gains at the local bourse as crude oil edged higher. PPL (up 2.62%) and OGDC (up 1.22%) were the major gainers of the mentioned sector. Auto sector continued its upward trend for third consecutive day where HCAR (up 5%), MTL (1.35%), DFML (4.87%) and PSMC (0.93%) gained to close positive, said dealer at JS Global.
Index point leaders were HBL (up 2.7%), ENGRO (3.5%), PPL (2.6%), DAWH (4.5%) & OGDC (1.2%), adding 240 points to the index; while POL (down 1.1%), MCB (0.6%), PAKT (2.8%), PMPK (5%) & BAHL (0.9%), withheld 100 points from the index.
Market volumes improved to 162m from 97m, showing an increase of 66% DoD. Similarly, average traded value increased from $54m to $97m (up 79.3% DoD).
Sector wise, fertilizer added 107 points amid improving sector dynamic whereas commercial banks added 103 points. Tobacco sector however withheld 18 points from the index.
