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PSX sheds 190pts over volatility
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. REUTERS/Akhtar Soomro/File Photo

PSX sheds 190pts over volatility

KARACHI: Opened on a positive note, the Pakistan Stock Exchange on Wednesday closed bearish as the benchmark 100-index recorded a decrease of 189.42 points or 0.46% to settle at 40,704.80.

The KSE-100 also traded past the 41,000-mark in the early hours. However, the positivity was short-lived as selling pressure dragged the index into the negative territory. The index remained choppy in the later hours, continuing to drop steadily, as investors remained cautious in the wake of political uncertainties and the upcoming monetary policy.

Cement, fertiliser and E&P stocks bore the brunt of dented sentiments with major names declining in the mentioned sectors.

K-Electric Limited (+4.61%) topped the volume charts as the Economic Coordination Committee (ECC) deliberated on the outstanding dues of the company as well as its claims from different government entities before reaching a conclusion on the issuance of NOC for the sale to Shanghai Electric Limited (SEL).

Overall, trading volumes decreased to 124.1 million shares compared with Tuesday’s tally of 132.3 million. The value of shares traded during the day was Rs6.56 billion.

Shares of 363 companies were traded. At the end of the day, 123 stocks closed higher, 217 declined and 23 remained unchanged.

K Electric was the volume leader with 12.6 million shares, gaining Rs0.26 to close at Rs5.9. It was followed by Siddiqsons Tin Plate with 7.37 million shares, gaining Rs0.97 to close at Rs21.85 and Lotte Chemical with 6 million shares, losing Rs0.08 to close at Rs19.56.