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PSX drops 296pts to close at 38,011

KARACHI: The Pakistan Stock Exchange (PSX) on Thursday witnessed another dull session and landed in red.

Indices started the session with positivity and the KSE 100 index accumulated 157.35 points to reach its day’s high of 38,464.79. It then dropped by 540.43 points or 1.43pc to touch its day’s low of 37,767.01. After recovering a little, the index settled lower by 295.81 points at 38,011.63. The KMI 30 index fell short by 814.33 points, closing at 64,003.84, while the KSE All Share index was down by 164.22 points, ending at 28,019.76.

Trading volumes declined significantly by 42pc on a DoD basis and were recorded at 84.25 million. TRG Pakistan Limited (TRG -3.24pc), Pak Elektron Limited (PAEL -2.23pc) and K-Electric Limited (KEL -3.29pc) were the most traded scripts of the day with 5.85 million shares, 4.79 million shares and 4.44 million shares exchanging hands respectively.

The textile weaving sector (-3.07pc), close-end mutual fund sector (-3.01pc), vanaspati and allied industries sector (-2.65pc), power generation and distribution sector (-2.28pc) and technology and communication sector (-2.24pc) were all among the major losers.

The oil and marketing sector lost 1.67pc from its cumulative market capitalization. Sui Southern Gas Company Limited (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) declined by -4.93pc and -4.76pc respectively after the prime minister suspended the directors of state-owned gas companies. Hascol Petroleum Limited (HASCOL -1.72pc), Hi-Tech Lubricants Limited (HTL -1.01pc) and Attock Petroleum Limited (APL -1.98pc) also ended in red.

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