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PSX sheds 469 points in mixed trading

PSX sheds 469 points in mixed trading

KARACHI: The share market witnessed a decline of 469 points on Tuesday owing to mixed trading session and later explosion in Peshawar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,381 points as against previous day’s close of 41,850 points, showing a decline of 469 points.

Analysts at Topline Securities said that taking cue from global markets coupled with an explosion in Peshawar triggered profit taking at the bourse which dented the KSE-100 index by 469 points to close at 41,381.

On the results front, PSO posted 1QFY21 EPS of 11 (below industry estimates) which dragged the stock lower to the close the day down 3.17 percent while MCB and FFBL posted outstanding 3QCY20 earnings of 8.4 and 3.54 respectively, which were above industry estimates.

POL’s management also stated in its conference call that their formations in Jhandial 2 may turn out to be dry which resulted in the stock to close down 1.73 percent.

Major negative contributors to the benchmark included HBL, BAHL, PSO, TRG & OGDC who cumulatively dragged the index lower by around 190 points.

Total volume and value traded for the day clocked in at 480.67 million shares (down 1.3 percent DoD) and Rs. 18.42 billion (down 14.2 percent) respectively.

UNITY was the volume leader for today with 77.16 million shares traded.