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Bearish trend continues at PSX [The Nation] 04 May, 2017

KARACHI -  Pakistan Stock Exchange (PSX) closed sharply lower on second consecutive day due to institutional profit-taking in the post earnings season.

Volatile session was witnessed at the local bourse today as the index traded between an intraday high of 240 points and intraday low of 199 points to finally close at 48,605.14 points losing 84 points or (0.17pc). This pressure in the market was on the back of investor scepticism regarding the political scenario in the country. Today's major laggards of index were TRG (slip 4.90pc), ISL (4.97pc) and SNGP (1.72pc), as they cumulatively contributed 61 points decline to the index, said analyst Arhum Ghous.

On the flipside, PPL (gain 1.43pc) and OGDC (0.77pc) were the major leaders of the index as oil prices rebounded from its near 2017 low and recent data reported a much higher than expected fall in US crude stocks. Banking sector closed (higher 0.43pc) higher than its previous day close as UBL (rose 0.29pc), MCB (0.85pc) and BAFL (2.44pc) closed in the green zone.

Dismal CPI inflation data for April 2017 invited support in banking stock likely surge in bond yields. Pre-budget uncertainty, foreign outflows and major fall in global crude prices played a catalyst role in bearish close at PSX, stated analyst Ahsan Mehanti. KEL was today's volume leader as more than 32 million shares of the power company exchanged hands while Engro Polymer with 25.4 million shares traded and TRG Pak Ltd with 24.2 million shares traded was in spotlight in the session.

Overall, volume increased to 260 million shares as compared to 199 million shares changed hands yesterday. Traded value also increased to Rs13 billion/$125 million. Scrips of 369 companies were traded, of which 130 gained in value, 222 declined and 17 remained unchanged.



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