LAHORE - Pakistan Stock Exchange Thursday posted third consecutive bearish session during current week, as dwindling investors’ confidence in blue chip stocks coupled with uncertainty over formal approval of parliamentarians for recently launched amnesty scheme dragged 100-share index down by 155 points. The index closed at 46,332 points. Out of 392 traded scrips, 157 managed to close green and 215 closed red while rest remained unchanged.

Honda Cars (HCAR) rallied by 5 percent as company’s auto sales numbers witnessed robust growth of 41 percent YoY, while Pak Suzuki sheds ~3 percent of its value as Mar 2018 sales numbers of the company were below than market expectations. Karachi Electric (KEL), Engro Polymers (EPCL) and Pakistan International Airline (PIA) remained volume leaders with cumulative traded volume of 93m shares. This led total volumes growth of 17 percent vs last day, while value went down by 9 percent.

Top five stocks HBL (-2.3 percent), FFC (-1.9 percent), PSEL (-5 percent), LUCK (-1.1 percent) & NESTLE (-2.6 percent) withheld 165 points from the index whereas stocks including UBL (+0.9 percent), OGDC (+0.6 percent), HCAR (+4.6 percent), PAKT (+2.4 percent) & KEL (+2.8 percent) added 68 points to the index gain.

Asian Development Bank (ADB) has projected GDP growth for Pakistan at 5.6 percent in the current fiscal year which will decline to 5.1 percent next year as balance of payment constraints would outweigh improvements to supply-side factors such as improved security and energy supply.