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PSX sheds 54.33 points to close at 42,506.94 points
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 54.33 points to close at 42,506.94 points

ISLAMABAD: Pakistan Stock Exchange (PSX) Thursday witnessed bearish trend as KSE-100 index closed at 42,506.94 points as compared to 42,561.27 points on the last working day with the negative change of 54.33 points (0.13 %).

A total of 230,827,150 shares were traded compared to the trade 177,984,850 shares during the previous day, whereas the value of shares traded during the day stood at Rs9.773 billion as compared to Rs9.289 billion during last trading day.

Total 368 companies  transacted shares in the Stock Market today, out of which 154 recorded gain and 190 sustained losses whereas the share price of 24 companies remained unchanged.

The three top traded companies were, Maple Leaf with a volume of 27,576,500 shares and price per share of Rs22.92, WorldCall Telecom with a volume of 16,497,000 and price per share of Rs1.20 and Fauji Cement with a volume of 13,624,500 and price per share of Rs16.60.

Colgate Palm recorded the maximum increase of Rs133.99 per share, closing at Rs2583.99 while Service Ind.Ltd XB was runner up with the increase of Rs44.82 per share, closing at Rs859.83.

Pak Tobacco recorded maximum decrease of Rs115 per share, closing at Rs2035 whereas Siemens Pak.XD decreases Rs36.34 per share closing at Rs648.64.

In the previous week, the market closed at 43,167.77 points, while observing fluctuations in the whole week, and closed in a little bit of negative territory amid political uncertainty that marred the overall trading environment while kept investors’ sentiment subdued.

Earlier, the signing of a phase one trade deal between the U.S. and China to ease the ongoing trade war restored a bit of confidence among the investors. Domestic politics and rising reservations against the ruling party by its allies were also noticed by the investors.

Traders had opined that the market was still in search of a direction, which could be provided by the State Bank monetary policy and the herald of corporate results reporting season next week.

Traders were of the view that after a major run-up since August last year, the index was consolidating at the current levels before moving forward. “Early trade has been witnessing much of the volatility and the index has been fluctuating from negatives to positives and vice-versa.”

The emerging disapproval from Pakistan Tehreek-e-Insaf (PTI) allies over its policies contributed to the slow pace as the disagreements between the PTI government and its allies are being taken as a “sign of a brewing political crisis.”

Two weeks ago, the market witnessed massive overall spike in the stocks as local and foreign investors rampaged across the market to quickly hit upper circuits after the war clouds hanging over the region due to US-Iran hostilities dissipated which provided the investors the much-needed comfort to move funds from gold and money market back to risky assets that may provide higher returns.

Earlier, investors’ optimism continued as they saw the market back in the green after two earlier dismal years of negative returns.

From Aug 16, 2019 when the benchmark index had hit the pit at 28,765 points, the market has witnessed a spectacular rally that has carried it up by more than 50pc in fewer than five months.

Improvement on the external front together with stability in the Pakistani Rupee was expected to reassure foreign investors.

Meanwhile, inflationary readings are set to touch peak in January 2020 (this month) with an imminent interest rate cut to follow, domestic investors remain jubilant as well, he said.