Pakistan Stock Exchange (PSX) Wednesday opened on a positive note and the benchmark KSE-100 index once again crossed 50,000 psychological level to hit 50,265.57 points intra-day high. However, the index failed to sustain the level due to selling pressure that pushed the index into negative territory.
The index closed in red at 49,756.77 points with a net loss of 212.15 points.
Both local and foreign investors opted to offload their holdings. The foreign investors withdrew $3.8 million from the bourse.
Daily trading volumes on the ready counter decreased to 459.446 million shares as compared to 509.514 million shares traded Tuesday. The market capitalisation declined by Rs 26 billion to stand at Rs 9.951 trillion. Out of total 425 active scrips, 230 closed in negative, 185 in positive while value of 10 stocks remained unchanged.
Japan Power was the volume leader with 48.117 million shares. It gained Rs 0.92 to close at Rs 8.01 followed by Dost Steels that increased by Rs 0.49 to close at Rs 14.04 with 34.020 million shares. TRG Pak surged by Rs 2.48 to close at Rs 53.12 with 27.956 million shares.
Rafhan Maize and Sanofi-Aventis were the top gainers with Rs 150.00 and Rs 34.50, respectively to close at Rs 8150.00 and Rs 2634.50. Nestle Pakistan and Pak Tobacco were the top losers with Rs 99.01 and Rs 64.14, respectively to close at Rs 8,902.00 and Rs 1,218.66.
Zeeshan Afzal at Insight Securities said that 50,000 barrier incited as a key psychological barrier, limiting the upside as profit booking kept market below it. He said rollover week led to concentration in future''s counter where 28 percent of value witnessed in futures''. ISL and INIL expansion announcement led it hit upper circuit despite lower earnings reported this quarter. TRG increased by 5.0 percent, murmurs of IT policy along with its subsidiary on process of listing internationally. ATRL surged by 4.0 percent, upbeat momentum on expectation of bumper quarter on back of isomerisation.
Nabeel Haroon at JS Global Capital said that volatility prevailed in the market as the index traded between an intraday high of +298 points and intraday low of -247 points to finally close 212 points lower at 49,757 level. Profit taking was witnessed in the fertilizer sector as it lost value to close 1.1 percent lower than its previous day close. FFC and FATIMA were among the major losers in this sector and declined by 1.05 percent and 3.86 percent respectively. INIL gained to close on its upper circuit as the steel manufacturer declared its result for the first half FY17. In its result company posted EPS of Rs 9.98 along an interim of Rs 2.50/share.