Pakistan Stock Exchange (PSX) witnessed another bearish session Thursday, mainly due to selling by both local and foreign investors. The benchmark KSE-100 index declined by 426.30 points and closed at 47,949.33 points.
Trading activity also remained low as daily trading volumes on the ready counter decreased to 241.249 million shares as compared to 272.272 million shares traded Wednesday. The market capitalisation declined by Rs 53 billion to Rs 9.533 trillion. Out of total 386 active scrips, 285 closed in negative, only 84 in positive while the value of 17 stocks remained unchanged.
Azgard Nine was the volume leader with 34.033 million shares. It gained Rs 0.89 to close at Rs 13.10 followed by Bank of Punjab that declined by Re 1.00 to close at Rs 15.05 with 25.616 million shares. Jahangir Siddiqui and Company increased by Rs 1.20 to close at Rs 27.01 with 19.893 million shares.
Philip Morris Pak and Mari Petroleum were the top gainers with Rs 102.05 and Rs 68.95, respectively to close at Rs 2,699.54 and Rs 1,448.07. Wyeth Pak and Sanofi-Aventis were the top losers with Rs 132.45 and Rs 104.32, respectively to close at Rs 2,545.73 and Rs 2,031.69.
Arhum Ghous at JS Global Capital said that another bleak session was witnessed at the local bourse as the benchmark KSE-100 index traded between an intraday high of 129 points and intraday low of 555 points. BOP closed negative as the bank announced its 2016 result. In its result company posted EPS of Rs3.13/share and announced 70 percent right shares at a premium of Rs2 per share. POL (down 1.32 percent) and PPL (down 0.50 percent) closed in the red in the E&P sector as crude prices reversed course and declined. OMC sector closed in the red, while SNGP (up 0.13 percent) closed positive on the back of news that the Government of Pakistan begins splitting gas utilities to get loans.
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