KARACHI: The Pakistan Stock Exchange (PSX) Wednesday opened trying to recoup some losses and added 115 points to reach 39749 points level in early trading.
Yesterday, the benchmark KSE-100 index continued to slide, falling 398 points and closing at 39,634 points, given limited support due to the prevailing political and economic situation in the country. Activity was seen in ENGRO (up 1.6%) as the budding energy conglomerate signed a pact for another LNG terminal while participants were busy trying to preempt trading ‘calendars’ for ENGRO’s upcoming ejection from MSCI Emerging Markets Index.
Top index point decliners were PPL (down 2.5%), OGDC (1.9%), LUCK (2.4%), PSO (2.7%) & POL (1.7%), eroding 168 points, while ENGRO (up 1.6%), PAKT (5%), UBL (0.8%), SCBPL (4.5%) & IGIIL (1.7%) added 67 points to the index.
On the sector front; E&Ps shed 119 points as oil prices dipped ~US$1/bbl overnight due to rising US output ahead of OPEC’s meeting on the 30th. Cements fell 55 points, OMC 50 points, fertilizer 35 points, banks 34 points, power 18 points, while tobacco added 21 points to the index.
Symbols of total 361 active companies participated in the session of which 244 closed in red, 97 in green while 20 remained unchanged. Trading remained dull, albeit volumes inched up 2% d/d while value increased 26%. KEL (-2.1%) made up 25% of yesterday’s turnover.
