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PSX ends week on negative note as KSE-100 Index sheds 584 points

Published Jun 16, 2017 04:40pm

The Pakistan Stock Exchange (PSX) concluded the week on a negative note as the benchmark KSE-100 Index shed 584 points in Friday's session.

The index slipped 1.23 per cent to touch 46,858 points by the end of today's session — its lowest point since December 2016.

The benchmark tested the day's high at 47,527 points within the first 10 minutes of the session, but fell rapidly after. It touched the day's low at 46,734 points a little before the closing bell.

Trading activity was led by the banking sector, with 34.9 million shares changing hands during the session. The communication and and power sectors followed with volumes of 21.3m and 12.2m shares respectively.

"Stocks closed lower amid pressure in oil and banking stocks on dismal earnings outlook," said senior analyst Ahsan Mehanti.

Talking about the causes behind negativity in the bourse, he said: "Foreign outflows, falling global crude prices, weak banking spreads, concerns for additional tax levies in cement sectors, super taxes levies in the federal budget played a catalyst role in bearish close."

A total of 58.2m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs6.4 billion.

Stocks of 320 companies in all were traded on the exchange, of which 103 gained in value, whereas 195 declined and 22 remained unchanged.

Volumes were led by:

Bank of Punjab: 18.6m shares traded [-31.03pc];

World Call Telecom: 12.3m shares traded [+10.25pc];

K-Electric Ltd: 10.1m shares traded [+1.59pc];

Oil & Gas Dev.XD: 5.6m shares traded [-3.55pc];

Aisha Steel Mill: 5.2m shares traded [-0.13pc].