A mixed trend persisted on Pakistan Stock Exchange (PSX). The benchmark KSE-100 index moved between 48,971.01 points intra-day high and 48,502.43 points intra-day low level to close at 48,642.21 points, down 36.44 points on Wednesday. Foreign investors remained net sellers withdrawing $10.4 million from the bourse.
Trading activity also remained low as the daily trading volumes on the ready counter decreased to 330.624 million shares as compared to 379.653 million shares traded Tuesday. Out of total 427 active scrips, 214 closed in positive, 192 in negative while the value of 21 stocks remained unchanged.
Pak Electron was the volume leader with 19.756 million shares with Rs 3.72 to close at Rs 78.28 followed by Bank of Punjab that gained Rs 0.40 to close at Rs 17.78 with 19.342 million shares. OGDC declined by Rs 8.04 to close at Rs 157.81 with 12.504 million shares.
Pak Tobacco and Ghandhara Industries were the top gainers with Rs 63.05 and Rs 51.32, respectively to close at Rs 1,325.85 and Rs 1,077.78. Sanofi-Aventis and Service Industries were the top losers with 45.50 and Rs 33.95, respectively to close at Rs 2,722.00 and Rs 1,506.30.
Nabeel Haroon at JS Global Capital said that the market opened on a positive note and rallied to make an intraday high of 292 points but came under selling pressure as the day progressed. ICI extended its gains and increased by 3.35 percent on the back of the news disseminated in the market that company''s board of directors approved the agreement form a joint venture company with Unibrands and Morinaga. ICI''s stake in the joint venture is up to 51 percent and the total project cost is of around Rs 4.8 billion. Profit taking was witnessed in FFBL as investors came in to book their profits after the stock price of the company increased by over 5 percent over the course of last two trading sessions.
Ahsan Mehanti at Arif Habib Corporation said that pressure remained in blue chip stocks at PSX on uncertainty in global equities. Institutional support witnessed in select auto, cement and banking stocks amid speculations in the earning season. He said that weak global crude prices, surging foreign outflows and concerns over outcome of Panama case hearings played a catalyst role in bearish close.
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