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Pakistan shares end lower over unprovoked Indian clash

Xinhua, September 29, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) put an end to a three-day bullish streak on Thursday after Indian forces' unprovoked attack against Pakistani controlled Kashmir, which prompted panic among investors.

The Pakistan Stock Exchange's benchmark KSE 100-Index fell by 0.15 percent or 59.50 points to 40,295.52 points on Thursday when compared with 40,355.02 points recorded on Wednesday.

The KSE All-Share Index decreased by 0.15 percent or 40.94 points to 27,469.01 points, the KSE 30-Index inched up slightly by 0.03 percent or 7.17 points to 22,351.35 points, the KMI 30-Index dipped by 0.09 percent or 59.68 points to 68,667.20 points, whereas the Islamic All-Share Index declined by 0.55 percent or 104.87 points to 19,025.15 points.

During Thursday's trading session, the main index moved in a healthy range of 717.88 points as it touched an all-time intraday peak of 40,861.80 points as against an intraday low of 40,143.92 points.

Although the news of so-called "surgical strikes" by Indian army disrupted the overall bullish momentum, the global crude gains very much neutralized the losses after Organization of the Petroleum Exporting Countries (OPEC) reached a deal to limit oil production. The development led Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL) and Oil and Gas Development Company (OGDC) to gain in the range of 1.8 percent to 4.7 percent.

Pace Pakistan Limited announced consolidated earnings of 0.82 rupees per share which elevated the scrip to close at its upper limit by gaining 9.1 percent.

Market volumes improved by 63.69 percent or 277.099 million shares to 712.161 million shares on Thursday when compared with 435.061 million shares posted on Wednesday.

Market capitalization reduced by 0.16 percent or 12.91 billion rupees (126.571 million U.S. dollars) to 8.16 trillion rupees (80.001 billion U.S. dollars) whereas trade value surged by 56.43 percent or 7.729 billion rupees (75.775 million U.S. dollars) to 21.425 billion rupees (210.049 million U.S. dollars).

Among 360 active scrips on Thursday, prices of 203 issues depleted, 137 advanced, whereas values of 20 other companies stayed unchanged.

Bank of Punjab, Pace Pakistan Limited, and TRG Pakistan Limited were the top traded companies with turnovers of 59.681 million shares, 56.261 million shares, and 33.779 million shares, respectively.

Wyeth Pakistan Limited was the top price accumulator with an increment of 104.73 rupees (1.02 U.S. dollars) to 2,199.48 rupees (21.56 U.S. dollars) while on the other hand, Rafhan Maize led the major price shedders with a decrement of 100 rupees (98.04 U.S. cents) to 7,000 rupees (68.63 U.S. dollars). Enditem