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Roundup: PSX remains under pressure amid foreign pullout

Xinhua, November 18, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) remained under selling pressure on Friday as local investors decided to sell off their holdings in cautious trade over fears of foreign divestment.

The Pakistan Stock Exchange's benchmark KSE 100-Index fell by 0.2 percent or 86.86 points to 42,324.94 points on Friday when compared with 42,411.80 points recorded on Thursday. During the week that ended on Nov. 18, the main index lost 524.18 points in the wake of continuous selling by the foreign investors which forced three red sessions during the week.

The KSE All-Share Index dropped by 0.15 percent or 42.66 points to 29,105.44 points, the KSE 30-Index dipped by 0.29 percent or 65.77 points to 22,775.87 points, the KMI 30-Index declined by 0.18 percent or 124.15 points to 70,491.22 points, whereas the Islamic All-Share Index went down by 0.24 percent or 48.71 points to 20,098.11 points.

During Friday's trading session, the main index moved in a remote bracket of 251.86 points as it touched an intraday high of 42,505.70 points as against an intraday low of 42,253.84 points.

Profit-taking was recorded in Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (SNGPL) which led both the stocks to decline by 2 percent and 1 percent, respectively.

On the contrary, cement sector companies led some interest in the backdrop of sliding international coal prices. Dera Ghazi Khan Cement (DGKC), Maple Leaf Cement (MLCF) and Cherat Cement Company (CHCC) gained in the range of 0.6 percent to 1.8 percent.

Market volumes depleted by 1.2 percent or 5.965 million shares to 490.714 million shares on Friday when compared with 496.679 million shares posted on Thursday. During the week under review, the top Pakistani bourse witnessed total volumes of 2.293 billion shares at an average daily turnover of 458.642 million shares.

Market capitalization reduced by 0.15 percent or 12.572 billion rupees (119.74 million U.S. dollars) to 8.577 trillion rupees (81.689 billion U.S. dollars) whereas trade value decreased by 20.83 percent or 3.238 billion rupees (30.847 million U.S. dollars) to 12.313 billion rupees (117.273 million U.S. dollars).

Among 423 active scrips on Friday, prices of 232 issues shrank, 178 expanded, whereas values of 13 other companies stayed unchanged for the week.

Dost Steel (R), Japan Power Generation Limited, and Pakistan International Airlines were the top traded companies with turnovers of 63.137 million shares, 46.702 million shares, and 45.178 million shares, respectively.

Wyeth Pakistan Limited was the top price gainer with an accumulation of 195.82 rupees (1.86 U.S. dollars) to 4,112.37 rupees (39.16 U.S. dollars) while on the other hand, Colgate Palmolive led the major price shedders with a decline of 40 rupees (38.09 U.S. cents) to 1,600 rupees (15.24 U.S. dollars). Endit