Pakistan Stock Exchange (PSX) Wednesday opened on a positive note and the KSE-100 index hit 48,909.04 points intra-day high, up 385.63 points. However, selling pressure after mid-session pushed the index into the negative territory and the index closed in the red at 48,375.63 points, down 147.78 points. Selling was seen on both local and foreign fronts. Foreign investors sold out shares worth $8.2 million.
Trading activity however improved as daily trading volumes on the ready counter increased to 272.272 million shares as compared to 218.176 million shares traded Tuesday. The market capitalization decreased by Rs 2 billion to Rs 9.586 trillion. Out of total 396 active scrips, 209 closed in negative, 163 in positive while the value of 24 stocks remained unchanged.
Azgard Nine was the volume leader with 27.862 million shares. However, it lost Rs 0.53 to close at Rs 12.21 followed by Bank of Punjab that declined by Rs 0.65 to close at Rs 16.05 with 23.443 million shares. Power Cement increased by Rs 0.69 to close at Rs 20.32 with 16.509 million shares. Philip Morris Pak and Nestle Pakistan were the top gainers with Rs 123.69 and Rs 90.00, respectively to close at Rs 2,597.49 and Rs 9,100.00. Rafhan Maize and Wyeth Pak were the top losers with Rs 250.00 and Rs 111.68, respectively to close at Rs 7,400.00 and Rs 2,678.18.
Arhum Ghous at JS Global Capital said the market started with a positive trend due to SECP approving recommendations of the committee on review of financing by securities broker to clients. However, positive trend was short lived as selling pressure was witnessed due to the ongoing high profile case result expected in the coming week. The index traded between an intraday high of 386 points and intraday low of 187 points. E&P sector increased in value to close in the green zone as oil prices edged higher, hitting a one-week high. Banking sector (down 0.7 percent) extended its previous day loss and closed in the red as the sector''s heavy weights, MCB (down 1.6 percent) and HBL (down 1.7 percent), closed in the red again. Moreover, PSMC (down 1.5 percent) in the auto sector lost value to close in the red as the Board of Investment (BoI) has maintained its stance on the Auto Policy 2016.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid consolidation in the post earnings season. Mid session rally after SECP approvals over review of financing by broker firms invited investor interest in second and third tier stocks. He said foreign outflows, uncertainty in global stocks and concerns for rising circular debt played a catalyst role in bearish close.
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