KARACHI: Opened with the positive note, the Pakistan Stock Exchange became bearish till midday after shedding 71 points to drop to 44386 level on Tuesday
The stocks opened bullish and added 153 points to reach 44610 points level in early trading.
Yesterday the benchmark 100-share index traded in a 500-point range. However, selling pressure was seen in rest of the market as investors weighted the negative impact of rate hike on other sectors and companies. The market closed at 44,457 points, down 94 points.
Top volume leader both by volume and value was DCL, up 5 percent, on back of news of stay order from court against its recently notified trading suspension. Participation declined as traded volume dropped by 29 percent whereas traded value was down 12 percent.
Top 5 index point detractors included LUCK (-2.9 percent), OGDC (-1.6 percent), FFC (-2.4 percent), MLCF (-4.7 percent) & DGKC (-2.2 percent), which withheld 157 points from the index while UBL (+2.8 percent), BAHL (+5 percent), MCB (+1.3 percent), BAFL (+5 percent) & HBL (+0.8 percent) added 184 points to the index. Bottom-line was supported by share of profit from associate, which was up 87 percent YoY from Rs48m to Rs90m.
