Markets were relatively dormant reaching at a standstill at the end of the session. The market was very wayward during the day as it went up more than 300 points during the first half and went down more than 700 points in the second half. The markets have largely absorbed the negativity emanating from the JIT conclusions, yet the final verdict still holds potential to send the stock plummeting down again.
The market has recently ended its positive momentum since 2012 when it gained 49.42 percent during the year. During the period of 2012-16, the average growth stood at 31.105percent.
However, the 6 month position of PSX during the year 2017 stands at -8.4percent. The market has not witnessed such a decline since the markets started rallying in 2012.
However, the effects of the political uncertainty have not unfolded in its entirety. The Supreme Court verdict yet to be announced is of paramount importance to Pakistan’s financial and political stability and future.
Market shed a total of 8.64 points or a loss of 0.02%. The index touched an intra-day low of 43,060.98 points, a high of 44121.30 and closed at a tally of 43783.55 points.
The net gainers by price during today’s session were; Wyeth Pakistan WYETH +99.50, Pakistan Tobacco Company Limited PAKT +80.00, Millat Tractors Limited MTL +47.58, Island Textile Mills Limited ILTM +45.25 and Colgate-Palmolive Pakistan COLG +34.00.
The net decliners by price during today’s session were; Nestle Pakistan NESTLE -515.00, Sapphire Textiles Mills SAPT -99.52, Honda Atlas Car HCAR -21.26, Service Industries SRVI -17.01 and Siemens Engineering Company SIEM -15.00.
All Share Volume decreased by 89.65 Million to 125.51 Million Shares.
Total companies traded were 345 compared to 346 from the previous session. Of the scrips traded 146 closed up, 182 closed down while 17 remained unchanged.
Total trades decreased by 25,479 to 82,218.
Value Traded decreased by 5.31 Billion to Rs.7.29 Billion.
Top Ten Companies by Volume
The Resource Group
Engro Polymer & Chemical Limited
Bank of Punjab
Summit Bank Limited
Aisha Steel Limited
Sui Southern Gas Company
Pak Elektron Limited
Sui Northern Gas Pipelines
International Steel Limited