KARACHI: The Pakistan Stock Exchange Monday witnessed a bearish day and dropped massive 439.40 points to drop to 40852.03 points level.
The stocks recorded the highest trading level of 41291.43 points and lowest level of 40793.56 points, with the volume of over 278 million shares and value of 9.47 billion. As many as 394 companies were active; of which 63 advanced, 311 declined and 20 remained unchanged.
BoP was the volume leader with 35.20 million shares, shedding Rs 0.96 to finish at Rs 17.25. It was followed by K-Electric with 21.49 million shares, adding Rs 0.03 to end at Rs 9.12 and PIAC with 11.59 million shares, dropping Rs 0.93 to close at Rs 9.15.
The top three gainers were Unilever Foods with price per share of 5690 (192), Nestle Pakistan with price per share of 8399 (99) and Philip Morris Pak share of 1936.83 (92.23).
The top three losers were Wyeth Pak Ltd with price per share of 2687.14 (-107.51), Rafhan Maize with price per share of 7600 (-100) and Hinopak Motor per share of 1402.09 (-65.28).
Earlier, the last week’s bearish note started new trading week as the PSX benchmark 100-index shed massive 269.53 points to reach 41021.90 points level in early trading. The bearish note further deepened at the Pakistan Stock Exchange as the 100-index further shed 336.03 points after losing 41,000 mark and reached 40955.40 points level till midday.
Last week, the index ended down 0.4 percent WoW to close at 41,291points. In the mainstream sectors, most of the interest remained tilted towards OMCs (+2.6 percent WoW on account of better than expected 1QFY17 result announcements), textiles (+3.4 percent WoW on rumours of favourable exports package), E&Ps +1.1 percent (on rebounding international oil prices). On the other hand, sectors such as cements (-4.4 percent WoW), and fertilisers (-1.3 percent WoW) witnessed profit taking.
Improvement in activity was observed as both average traded value and volume improved by 6 percent and 17 percent, respectively during the week. Average daily volumes for the outgoing week rose 17 percent WoW to 471 million shares while average daily value rose by 6 percent WoW to Rs15 billion/ $140 million during the week. Food & personal care was the top gainer over the week, up 2.2 percent, followed by oil & gas exploration and banks, which increased 1.1 percent.
