ISLAMABAD: After an upward trend with a gain of over 700 points in the last two days, the 100-index of the Pakistan Stock Exchange (PSX) on Wednesday turned down towards the red zone and witnessed a loss of 341.10 points with a negative change of 0.82 percent, closing at 41,330.56 points against 41,671.66 points on Tuesday.
During the last two days, the market remained in the green zone where top-tier and third-tier companies took an interest in buying, probably over a recent statement from Finance Minister Ishaq Dar that government would share details of the upcoming budget with the IMF to pave the way for unlocking the next tranche of loan ($1.1b), pending since last November.
A total of 158,102,664 shares were traded during the day compared to 197,681,397 shares the previous day, whereas the price of shares stood at Rs 6.167 billion against Rs 6.403 billion on the last trading day.
Bearish Trend at Pakistan Stock Exchange
However, after having kangaroos jump for the last two days, the market was expected to be settled back to a lower position. On Wednesday, 332 companies traded their shares in the stock market; 87 of them recorded gains, 224 remained in the red zone with losses, whereas the share price of 21 companies was closed without a change.
WorldCall Telecom dominated the top three list with 20,723,393 shares at Rs.1.18 per share, followed by Maple Leaf with 8,728,086 shares at Rs.28.17 per share, while Fuiji Cement traded 6,478,000 shares at Rs.11.78 per share.
Bhanero Tex experienced a maximum increase of Rs.44.12 per share price, closing at Rs.1,200.00, whereas Khyber Textile settled as runner-up with an increase of Rs.40.61 per share price to Rs.588.50.
Unilever Foods witnessed a maximum decline of Rs.901.00 per share, closing at Rs.22,499, followed by Colgate Palm with a decrease of Rs.38.61 to settle at Rs.1,506.61.
