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PSX recovers from nosedive, closes flattish

KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday closed on a flattish note, with the benchmark KSE-100 Index gaining 43 points to close at 38,525. The benchmark showed a steep decline during the first half of the session. The benchmark hit a day’s low at 37,737 points before adopting a positive momentum for rest of the session. It hit a day’s high of 38,620 points near the close of trading. In all, over 195 million shares worth almost Rs 8.7 billion changed hands during the session. A total of 347 companies’ shares were traded, out of which 100 advanced, 229 declined, whereas 18 remained unchanged.

Earlier, the bearish note further intensified at Pakistan Stock Exchange (PSX) till midday as the benchmark 100-index shed huge 718 points to drop to 37764 level on Tuesday.

Earlier, the stocks opened bearish after shedding 76 points to reach 38406 level in early trading.

Yesterday the PSX benchmark KSE-100 continued to crash hard, clocking in a fresh 2017 intra-day low of 38,375 points before bouncing slightly to close the day at 38,482 points, down by 598 points. This has pushed KSE-100 year to date fall to 20%, while index has crashed 27% from its peak.

Top 10 index point decliners were LUCK (down 3.9%), PSO (5%), ENGRO (2.6%), DAWH (3.6%), MCB (7%), SNGP (5%), DGKC (3.6%), SEARL (5%), HBL (0.8%) & ISL (5%); withholding 311 points from the index, while stocks including OGDC (up 3%), PPL (2.2%), POL (0.8%), MARI (2%) & NESTLE (1%) added 130 points to the index.

On the sector front, cement eroded 123 points, fertilizer 118 points, banks 100 points, OMCs 97 points, auto assemblers 53 points, engineering 43 points, power 36 points, pharmaceuticals 34 points, refinery 21points, tech & transport 20 points each, while dollar hedge E&Ps added 124 points. Traded volumes plummeted by 13% DoD to 129m shares while value traded dropped to $56m.

Moreover, Top decliners were LUCK (down 3.9%), PSO (5%), ENGRO (2.6%), DAWH (3.6%), MCB (7%), SNGP (5%), DGKC (3.6%), SEARL (5%), HBL (0.8%) & ISL (5%); withholding 311 points from the index, while stocks including OGDC (up 3%), PPL (2.2%), POL (0.8%), MARI (2%) & NESTLE (1%) added 130 points to the index whereas cement eroded 123 points, fertilizer 118 points, banks 100 points, OMCs 97 points, auto assemblers 53 points, engineering 43 points, power 36 points, pharmaceuticals 34 points, refinery 21points, tech & transport 20 points each, while dollar hedge E&Ps added 124 points. Traded volumes plummeted by 13% DoD to 129m shares while value traded dropped to $56m.