Negative trend grips Pakistan Stock Exchange

Pakistan Stock Exchange (PSX) was dropped by more than 400 points during the last session of trading due to selling pressure by investors despite positive developments on the energy and financing fronts, reported 24NewsHD TV channel on Thursday.
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 120,002.59, down 463.34 points, or 0.38%.
An economic expert said that surging global crude oil prices and expectations over rationalisation in industrial power tariffs played a catalyst role in bullish activity at PSX.
On Wednesday, the 100-Index of the Pakistan Stock Exchange (PSX) witnessed a bearish trend by losing 1,505.11 points, a negative change of 1.23 percent, closing at 120,465.93 points.
A total of 707,300,056 shares were traded during the day as compared to 1,152,012,654 shares on the previous trading day, whereas the price of shares stood at Rs 21.273 billion against Rs 27.983 billion on the last trading day.
As many as 470 companies transacted their shares in the stock market; 102 of them recorded gains and 327 sustained losses, whereas the share price of 41 companies remained unchanged.
The three top trading companies were WorldCall Telecom with 110,905,125 shares at Rs 1.50 per share, Prud Mod. 1st with 51,711,290 shares at Rs 4.61 per share, and Pervez Ahmed Co. with 41,067,952 shares at Rs 3.15 per share.
Macter International Limited witnessed a maximum increase of Rs 46.72 per share, closing at Rs513.90, whereas the runner-up was Hinopak Motors Limited with a Rs41.00 rise in its share price to close at Rs451.03.
PIA Holding Company Limited witnessed a maximum decrease of Rs 1,530.02 per share price, closing at Rs 13,770.15, whereas the runner-up, Unilever Pakistan Foods Limited with Rs 211.00 decline in its per share price to Rs 22,989.00.
Reporter: Kawish Memon