KARACHI: Despite positive opening, the Pakistan Stock Exchange Friday shed all the gains and lost the historic mark of 50,000 points at closing over profit-taking as the benchmark 100-index dropped 228.59 points to reach 49963.77 points level.
The stocks recorded the highest trading level of 50886.80 points and lowest level of 49900.63 points, with the volume of over 800.75 million shares and value of Rs 40.11 billion. As many as 398 companies were active; of which 140 advanced, 245 declined and 13 remained unchanged.
K-Electric was the volume leader with 165.25 million shares, adding Rs 0.42 to finish at Rs 10.67. It was followed by Faysal Bank with 39.03 million shares, shedding Rs 1.30 to end at Rs 25.98 and TRG Pak Ltd with 29.70 million shares, adding Rs 2.02 to close at Rs 57.33.
The top three gainers were Nestle Pakistan with price per share of 9000 (98), Hinopak Motor with price per share of 1800.25 (85.72) and Thal Ind. Corp share of 534.45 (25.45).
The top three losers were Colgate Palmolive with price per share of 1710 (-90), Wyeth Pak Ltd with price per share of 4489.08 (-82.48) and Siemens Pak per share of 1084.28 (-51.25).
Earlier, the stocks continued its upward rally as the benchmark 100-index gained huge 694 points to reach 50886.80 points level in early trading. The Pakistan Stock Exchange remained bullish till midday and added 218.75 points to take the tally to 50411.11 points level.
On Thursday, the stocks closed on all time highs led by cement, fertilisers and banking scrips, the PSX shares index crossed psychological barriers to close at 50,192.36 level by gaining 435.59 points or (0.88%). KEL (gain 3.74) was the volume leader with more than 74 million shares traded.
Hefty buying was witnessed in the market during latter hours, which helped market to close comfortably above 50,000 level, brokers said. Banking sector led the gain in the market as index heavy weight HBL (rose 1.90%), MCB (2.72%) and UBL (1.64%) gained to close in the green zone. Overall, volumes decreased by 2 percent to 449 million shares, while value decreased by 15.7 percent to Rs25.4 billion.