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HomeBusinessPSX loses 281 points to close at 46,348

PSX loses 281 points to close at 46,348

The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Thursday, losing 281.70 points, with a negative change of 0.60 percent, closing at 46,348.18 points against 46,629.88 points on the last working day.

A total of 269,512,154 shares were traded during the day compared to the trade of 320,334,452 shares the previous day whereas the price of shares stood at Rs9.488 billion against Rs10.654 billion the previous day.

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As many as 352 companies’ transacted shares in the stock market, 95 of them recorded gain and 232 sustained losses whereas the share price of 25 companies remained unchanged.

The three top trading companies were Ghani Glo Hol with a volume of 30,213,500 shares and price per share of Rs32.19, Service Fabrics with a volume of 20,520,000 and price per share of Rs12.09 and Telecard Limited XB with volume of 14,298,000  and price per share of Rs18.97.

Wyeth Pak Ltd witnessed a maximum increase of Rs110.68 per share, closing at Rs1586.43 whereas the runner up was Sapphire Tex, the share prices of which climbed up by Rs75 to Rs1230.

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The share of Unilever FoodsXD witnessed minimum decrease of 1414 closing 18,399 followed by Colgate Palm, the share price of which declined by Rs46.23 to close at Rs2568.50.

Arif Habib Limited, in its report, stated that the market opened on a positive note but remained dull in the first half of the session.

Concerns over inflation and weakening of Pakistani rupee against the US dollar created uncertainly, preventing investors from taking fresh positions, which eventually resulted in profit-booking on last day positions in the second half of the session. Stock accumulation was witnessed in the banking sector as market participants expected a rate hike in the upcoming monetary policy.

The market continued to trade sideways and registered hefty volumes in third-tier stocks. On the flip side, institutional activity remained lacklustre, the report said.

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