Pakistan News

PSX stems bleed, closes 225 points lower after recouping intraday losses

PSX stems bleed, closes 225 points lower after recouping intraday losses

The Pakistan Stock Exchange (PSX) has ended the week on a negative note, with the benchmark KSE-100 index losing 225 points, or 0.46 per cent, by the close of trading to reach 48,555.30.

The commercial banking sector led activity, with more than 41 million shares traded.

Trading had commenced on an absolute negative note, with the benchmark index plunging more than 1,200 points within the first 40 minutes of activity to set the day's low at 47,491 points.

Subsequently, however, the market adopted an upward trajectory to touch the 48,900-points level, making a high 126 points above the opening level.

However, it failed to sustain this momentum and closed lower for the day.

"The worst week for Pakistan equities since February 2009 came to an end as the benchmark KSE-100 Index shed over 4,000 pts, or 7.8pc, with today being the only day that saw late buying from value hunters," reported Ali Raza from Elixir Securities.

"Reported panic-selling in Emerging Market stocks from institutions contributed most to declines, as rumours of local smart money selling to meet possible redemptions," he added. "Lack of clarity on FII sells was also one of the primary concerns."

KSE-100 Index volumes reached 105 million shares by the end of the session, with a total worth of nearly Rs13.3 billion.

Stocks of 355 companies were traded on the PSX, of which 154 gained in value, 189 declined and 12 remained unchanged.

Volumes were led by:

Power Cement(R): 16m shares traded [+1.95pc];

Bank of Punjab: 12.5shares traded [+12.17pc];

K-Electric Ltd: 12m shares traded [+4.47pc];

TRG Pak Ltd: 10.4m shares traded [-0.7pc]; and,

Engro Polymer: 8.8m shares traded [+2.2pc].

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