KARACHI - Pakistan Stock Exchange (PSX) witnessed another bearish session on Tuesday due to concerns over prevailing political uncertainty. The benchmark 100-share index shed 58 points to settle at 39400.19 points.
Volatility prevailed in the market as the futures rollover week continues. Investors’ interest was seen in the banking sector, as it closed marginally higher than its previous day’s close. HBL (up 1.19%) and MCB (1.18%) were the top performers of the aforementioned sector. OGDC (down 0.32%), PPL (0.72%) and POL (0.13%) in the E&P sector lost value to close in the red zone, as global crude oil prices declined for the second consecutive day to trade below $47/bl level, said analyst Nabeel Haroon.
Volumes declined by 7% to 173m shares while value increased by 14% to Rs8.1b/$77m. KEL led the volumes with 13.3m shares traded.
The local bourse was in the red yesterday. The fall was led by activity in heavy-weight stocks such as Engro Corporation (ENGRO) and D.G. Khan Cement (DGKC), both of which, on a cumulative basis contributed 35 points to the fall in the index, stated dealers at Topline brokerage.
DCL, SNGP, SSGC and SEARL have been removed from future contract for September due to which stocks declined between 0.7% to 1.7%.PRL announced EPS of 0.93/share with 0.31Rs cash dividend. Stock closed at its lower limit of 5%. MUGHAL saw interest which led the stock to close at its upper limit, market watchers said.
