PSX witnesses bearish trend

KSE-100 index sheds 478 point, closes at 30,158

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KARACHI

Pakistan Stock Exchange (PSX) witnessed a negative trend on Thursday when the benchmark KSE-100 index lost 478 points and slipped to 30,158 points. Yesterday, the KSE-100 index closed at 30,637 points. On Wednesday, the Pakistan Stock Exchange (PSX) noted bullish trend as KSE 100 index gained 52.86 points (0.17 percent) to close at 30,637.71 points.

A total of 149,013,370 shares were traded, whereas the value of shares traded during the day stood at Rs5.379 billion. Out of 340 companies, share prices of 151 companies recorded increase while 169 companies registered decrease whereas 20 companies remained stable in today’s trading.

The three top traded companies were K-Electric Ltd. with a volume of, 10,005,500 and price per share of Rs3.38, Maple Leaf with a volume of 8,433,500 and price per share of Rs19.13 and Unity Foods Ltd with a volume of 7,128,500 and price per share of Rs8.72.

The top advancer was Unilever Foods with the increase of Rs266 per share, closing at Rs5586 while Pak Tobacco XD was runner up with the increase of Rs65.77 per share, closing at Rs2347.42.  The top decliners were Nestle Pakistan with the decrease of Rs309 per share, closing at Rs5873 and Colgate Palm with the decrease of Rs92.45 per share closing at Rs1756.55. In the last week, the KSE-100 index gained massive 2,585 points to close at 31,350 points.

Hovering in the green throughout the previous week on the back of rumors that “Pakistan might exit the FATF grey list”, as many as 174 million shares of indexed companies changed hands during the session. The market value of the shares traded clocked in at Rs424 billion.

Over the course of previous week, foreign investors sold a total of $4900,000 worth of shares. Earlier, the recent simmering tensions between nuclear-armed Pakistan and India over Kashmir dispute had pushed investors to adopt cautious behaviour in the trading.

Moreover, since the passage of the financial budget for the fiscal year 2019-20, the stringent policies had been reflecting themselves in the downfall of the stock market. According to a JS Global report, “The local bourse closed positive on the rumors that Pakistan might exit the FATF grey list.”Market analysts are expecting a positive momentum at the bourse in the days to come.

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