PSX witnesses bearish trend, loses 938 points

KARACHI: The Pakistan Stock Exchange (PSX) turned bearish as the KSE-100 index shed 938 points, ARY News reported.

The 100-Index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend on Friday, losing 938.23 points, a negative change of 0.82 percent, closing at 112,800.93 points as compared to 113,739.16 points on the last trading day.

A total of 455.39 million shares were traded during the day as compared to 787.43 million shares the previous trading day, whereas the price of shares stood at Rs21.524 billion against Rs33.097 billion on the last trading day.

Analysts at Topline Securities said “Market opened on a positive note led by LUCK PA, as the company through a notice to exchange announced a stock split where shareholders will get 5 share for every 1 share held. However, profit taking was observed in the second half of trading session, as investors came in to book their profit the weekend”.

As many as 451 companies transacted their shares in the stock market, 173 of them recorded gains and 219 sustained losses, whereas the share price of 59 companies remained unchanged.

The three top trading companies were Pak International Bulk with 35.412 million shares at Rs8.71 per share, K-Electric Limited with 24.73 million shares at Rs4.67 per share and Ghani Global Glass with 19.83 million shares at Rs9.15 per share.

Nestle Pakistan Limited witnessed a maximum increase of Rs48.71 per share closing at Rs7,345.84 whereas runner-up was Supernet Technologies Limited with Rs43.75 rise in its share price to close at Rs839.36.

Unilever Pakistan Foods Limited witnessed a maximum decrease of Rs215 per share price, closing at Rs22,900, whereas the runner-up was Rafhan Maize Products Company Limited with Rs147.67 decline in its per share price to Rs9,394.33.