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PSX commences week on negative note

June 19, 2017

The Pakistan Stock Exchange (PSX) commenced the week on a negative note, with the benchmark KSE-100 Index shedding 265 points on the back of profit-taking.

The index slipped 0.57 per cent to touch 46,593 points by the end of Monday's session. The benchmark tested the day's high at 47,083 points within the first 10 minutes of the session, but fell rapidly after. It touched the day's low at 46,313 points during intraday trading.

"The index witnessed another downward-choppy session," wrote Topline Securities' Adnan Sami Shaikh. "The market opened positive and peaked above 47k within the first ten minutes of trading. Bears quickly capitalized on the early strength and sold the market down to a low of 46,313 points. Subsequently, value hunters swooped and select buying on dips helped recoup some lost ground."

Trading activity was led by the banking sector, with 36.1 million shares changing hands during the session. The communication and power sectors followed, with volumes of 35.7m and 15m shares respectively.

"Stocks closed lower amid thin trade as institutional profit taking continued in selected scrips across the board," said senior analyst Ahsan Mehanti.

Talking about the causes behind negativity in the bourse, he said: "Falling global crude prices, foreign outflows, dismal economic data on trade deficit and reports on falling banking spreads played a catalyst role in bearish close."

A total of 74.8m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs7.2 billion.

Stocks of 356 companies in all were traded on the exchange, of which 114 gained in value, whereas 209 declined and 33 remained unchanged.

Volumes were led by:

World Call Telecom: 15.4m shares traded [+10.25pc];

K-Electric Ltd: 10.8m shares traded [+1.59pc];

TRG Pak Ltd: 10.7m shares traded [-31.03pc];

Bank of Punjab: 9.8m shares traded [-31.03pc];

Avanceon Ltd: 7.2m shares traded [-3.55pc].