Pakistran Stock Exchange continued its downward trajectory on Wednesday as the PSX benchmark index shed another 299.61 points to close at 32,144.59 points.
Heavy foreign selling kept the market under pressure as investors feared for more selling in the days to come.
Traded volume increased by 13.5% to 168m shares while traded value increased 2.07% to Rs9.3b/$88.8m.
POL announced earnings of Rs15.52/share with dividend of Rs15/share, gaining 1.90% in price.PTC announced earnings of Rs 1.72/share with unexpected dividend of Rs 1/share. PTC closed up at 0.8% also being the volume leader with over 13 million shares traded. Long awaited news of sale-purchase agreement between Qatar Liquefied Gas Company Ltd and PSO was finally materialized which pushed the stock to close up at 1.65%, commented dealers at sales desk Topline brokerage.
Stocks closed lower amid slump in global crude price, weakening the earnings outlook for oil stocks, stated analyst at Arif Habib Corp. Broad sell-off in selected scrips across the board on uncertainty in global equities played a catalyst role for the bearish close in the earnings results season at PSX, ignoring strong financial results in the cement, banking and fertilizer scrips, analyst added.