PSX ends a bearish week as stocks hit lowest in 2017

KARACHI: The Pakistan Stock Exchange (PSX) witnessed fifth consecutive trading day of bearish session on Friday as the benchmark KSE-100 Index also lost 40,000 mark after shedding 2390.75 points, or 0.97 per cent, to close at 39846.78 points, lowest in 2017.

The stocks recorded the highest trading level of 40237.53 points and lowest level of 39478.05 points, with the volume of 189 million shares and value of Rs7.08 billion. As many as 357 companies were active; of which 90 advanced,255 declined and 12 remained unchanged.

K-Electric was the volume leader with 13.36 million shares, shedding Rs0.14 to reach Rs6.16. It was followed by Maple Leaf with 8.11 million shares, losing Rs3.32 to end at Rs66.31 and TRG Pak Ltd with 7.95 million shares, shedding Rs0.84 to close at Rs32.50.

The top three gainers were Khyber Tobacco with price per share of 1123.08 (53.48), Pak Oilfields with price per share of 570.44 (17.66) and Mehmood Textile of 333.90 (15.90).

The top three losers were Nestle Pakistan with price per share of 12627.80 (-372.20), Sanofi-Aventis with price per share of 1471.98 (-77.47) and Colgate Palmolive share of 2150 (-46.13).

Earlier, the PSX opened shedding 477 points and also lost 40,000 mark to reach 39760 points level in early trading. The bearish trend at the stocks intensified till midday as the benchmark 100-index dropped huge 655 points to reach 39583 points level.

On Thursday, the stocks witnessed another volatile session as the benchmark index, after making an intra-day high of 288 points and a low of 669 points, closed at 40,237 points, plummeting by 266 points.

This is the second time in a month that KSE 100-index ticked below the 40,000 mark to an intra-day low of 39,834 points (previously made a low of 39,870 points on 4th Oct’17).

Major negative contributors during the day were cement that shed 73 points, commercial banks that took away 57 points, and power generation and distribution that eroded 40 points. While some support was provided by oil & gas exploration companies that contributed 71 points and tobacco 18 points to the index respectively.

Average daily volumes increased by 6% DoD to 138m shares and average daily value traded settled at Rs6b/USD58m, surging by 13% DoD. Symbols of total 395 active companies participated in the session of which 306 closed in negative, only 73 finished in positive while 16 remained unchanged.