Pakistan Stock Exchange closes week in the red
The Pakistan Stock Exchange (PSX) ended the week on a negative note, with the benchmark KSE-100 index losing 200.69 points, or 0.41 per cent, by close of trading to reach 49,154.57.
The index could not sustain gains made in a late rally in the second session of the day, rapidly losing points after touching the day’s high to close below its opening level.
72.7m shares changed hands in the session, with a total worth of nearly Rs6.91 billion.
Overall, stocks of 356 companies were traded on the PSX, of which 123 gained in value, 224 declined and 10 remained unchanged.
Volumes were led by:
TPL Trakker Ltd: 11.73m shares traded (0.06pc);
Bank of Punjab: 11.53m shares traded (-1.66pc);
K-Electric Ltd: 10.17m shares traded (-1.55pc);
Azgard Nine: 8.66m shares traded (+1.74); and,
TRG Pak Ltd: 8.39m shares traded (-1.39pc).
“Stocks closed lower amid pressure in scrips across the board on institutional profit-taking in oil, autos and pharma scrips,” analyst Ahsan Mehanti said.
“Investor worries over a slump in global crude prices, rising circular debt in the energy sector and the outcome of ongoing regulatory oversight on non-compliant brokers invited pressure amid consolidation,” he added.