Share prices take a breather at Pakistan Stock Exchange
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Share prices at Pakistan Stock Exchange (PSX) recorded another bearish trading day as the stocks lost nearly 2,000 points ion Thursday, reported 24NewsHD TV channel.
The investors were apparently resorted to profit-taking and the benchmark KSE-100 index lost 1,991.48 points or 1.80 percent to 110,423.32 points, as compared to previous close of 112,414.80 points.
Of the 450 total companies traded, prices of 113 companies were up and of 284 were down, with 53 unchanged.
Experts believed market movements remain unpredictable and are heavily influenced by foreign flows. However, in the long term, the market acts as a weighing machine, reflecting intrinsic value, they added.
The experts advised retail investors to allocate “only surplus funds earmarked for long-term investment into a diversified portfolio of companies they understand”.
During the last trading session on Tuesday, bears had dominated the trading floor as shares declined by nearly 1,500 points, neutralising the rampant bulls run a day earlier which saw the market rose by more than 4,000 points.
The benchmark KSE-100 index had declined by 1,509.61 points, or 1.33pc, to close at 112,414.80 points. A total of 880.6 million shares were traded during the day as compared to 857.8 million shares the previous trading day.
The price of shares stood at Rs54.45 billion as compared to Rs50.54 billion on the last trading day. As many as 456 scrips were active in the stock market, out of which, 129 recorded gains and 288 sustained losses while the share price of 39 companies remained unchanged.
WorldCall Telecom remained the top-trading company with 127.4 million shares at Rs1.78 per share, followed by Fauji Foods Limited with 67.14 million shares at Rs14.95 per share. Sui South Gas remained the third with 33.56 million shares to settle at Rs46.09 per share at the closing of the business on Tuesday.
Hoechst Pakistan Limited was the top gainer with an increase of Rs100 per share to close at Rs2,850, followed by Shahmurad Sugar Mills Limited with a Rs31.29 rise in its per share price to Rs474.96.
Unilever Pakistan Foods Limited recorded a decline of Rs99.99 per share closing at Rs21,000.01 followed by Nestle Pakistan Limited with Rs97.35 drop to close at Rs7232.
Reporter Ayaz Rana