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PSX falls after hitting fresh intraday peak

Xinhua, July 22, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) ended lower on Friday as offloading in selective stocks by local and foreign investors deprived the main index from holding on to the record intraday peak.

The Pakistan Stock Exchange's benchmark KSE 100-Index declined by 0.39 percent or 155.01 points to 39,151.78 points on Friday when compared with 39,306.79 points recorded on Thursday. During the week that ended on July 22, the main index lost 36.69 points with three out of five trading sessions ending in the red territory.

The KSE All-Share Index dipped by 0.32 percent or 82.74 points to 26,103.07 points, the KSE 30-Index fell by 0.63 percent or 144.23 points to 22,630.29 points, the KMI 30-Index shrank by 0.66 percent or 467.18 points to 69,932.61 points, whereas the Islamic All-Share Index slipped by 0.33 percent or 60.74 points to 18,257.18 points.

During Friday's trading session, the main index moved in a narrow range of 307.19 points as it touched an all-time intraday peak of 39,420.65 points as against an intraday low of 39,113.46 points.

Some consolidation and profit-taking clipped wings of the top Pakistani bourse after it hit an all-time intraday peak.

Profit-taking was witnessed in those stocks which had the largest position in open interest for rollover like Pak Elektron Limited (PAEL), Engro Corporation (ENGRO) and TRG Pakistan Limited (TRG).

Pakistan Petroleum Limited (PPL) and Dawood Hercules (DAWH) contributed 58 points to the overall fall of the key index. Both the stocks declined by 2 percent and 2.8 percent, respectively.

Market volumes reduced by 6.11 percent or 14.293 million shares to 219.536 million shares on Friday when compared with 233.829 million shares posted on Thursday. During the week that ended on Friday, the top Pakistani bourse reported total volumes of 1.035 billion shares at an average daily turnover of 207.146 million shares.

Market capitalization decreased by 0.32 percent or 25.02 billion rupees (245.303 million U.S. dollars) to 7.825 trillion rupees (76.719 billion dollars) while on the other hand, trade value skidded lower by 22.88 percent or 3.498 billion rupees (34.296 million dollars) to 11.793 billion rupees (115.623 million dollars).

Among 344 active scrips on Friday, prices of 167 issues depleted, 161 advanced, whereas values of 16 other companies stayed unchanged.

TRG Pakistan Limited, Byco Petroleum, and Pak Elektron Limited were the top traded companies with turnovers of 19.319 million shares, 19.247 million shares, and 16.331 million shares, respectively.

After two days of worst price declines, Rafhan Maize emerged as the top price gainer with an increment of 180.03 rupees (1.765 dollars) to 7,299 rupees (71.56 dollars) while on the other hand, Hinopak Motor XD led the major price shedders with a decrement of 49.61 rupees (48.64 dollars) to 942.7 rupees (9.24 dollars). Endit