PSX pushed down 41000 level by strong bears

KARACHI: The Pakistan Stock Exchange (PSX) Wednesday lost the 41,000 mark after shedding another huge 654.78 points to drop 40461 points level.

The stocks recorded the highest trading level of 41179.88 points and lowest level of 39869.88 points, with the volume of 192 million shares and value of Rs9.6 billion. As many as 368 companies were active; of which 58 advanced, 293 declined and 17 remained unchanged.

Aisha Steel Mill was the volume leader with 10.90 million shares, shedding Rs0.76 to reach Rs17.26. It was followed by Pakgen Power with 10.13 million shares, adding Rs0.58 to end at Rs21.63 and K-Electric Ltd with 9.75 million shares, dropping Rs0.19 to close at Rs6.67.

The top three gainers were Pak Services with price per share of 1014.99 (44.99), Otsuka Pak with price per share of 237.58 (6.58) and Thal Limited of 555.49 (5.58).

The top three losers were Rafhan Maize with price per share of 7150 (-149), Unilever Foods with price per share of 6500 (-99) and Nestle Pakistan share of 12929.67 (-70.33).

Earlier, the stocks opened keeping previous day’s bearish trend and shed 68 points to reach 41048 points level in early trading. The bearish trend continued at the PSX as it witnessed another 409 points loss till midday and dropped to 40707 points level.

On Tuesday, bear-run continued at the PSE as the KSE 100-share index shed another 903 points and closed at 41,116 points. It is market’s worst performance since 21st August, when KSE-100 officially plunged into bear market having shed 20% from peak (-22% now).

Top 10 index point decliners were HBL (down 2.8%), LUCK (5%), ENGRO (3.9%), PPL (3.1%), SNGP (5%), OGDC (2.2%), DGKC (5%), FFC (2.4%), DAWH (3%) & FCCL (5%); withholding 458 points. Banks shed 160 points, fertilizer 155 points, E&Ps 90 points & OMCs 80 points.

Traded daily volumes rose by 36% DoD to 121m shares. Likewise, average traded value clocked in at Rs6.7b, up by 68% DoD. Scrips of total 392 active companies were traded in the session of which 328 concluded in negative, only 51 in positive while 13 remained unchanged.