Bears return to PSX as KSE-100 loses 299 points

KARACHI: Bears dominated Pakistan Stock Exchange (PSX) on Wednesday, with the benchmark KSE-100 index failing to sustain early gains, plunging nearly 300 points.

The benchmark KSE-100 Index moved in a narrow range today, registering its intraday high at 45,981.82 and low at 45,612.88. It settled lower by 299.71 points at 45,682.11.

Among other indices, the KMI-30 Index dropped 383.05 points to end at 74,617.54, while the KSE All Share Index lost 80.76 points, closing at 30,749.25. As many as 398 companies transacted shares in the stock market, 148 of them recorded gain and 234 sustained losses whereas the share price of 16 companies remained unchanged.

A total of 578,309,024 shares were traded during the day compared to the trade of 536,792,507 shares the previous day whereas the price of shares stood at Rs20.797 billion against Rs23.104 billion the previous day.

The three top traded companies were K-Electric Ltd with a volume of 65,424,500 shares and price per share of Rs3.90, Unity Foods Ltd with a volume of 56,945,383 and price per share of Rs41.25 and Hascol Petrol with volume of 44,150,702 and price per share of Rs9.31.

Sapphire Fiber recorded maximum decrease of Rs55.58 per share, closing at Rs776 followed by Nestle Pakistan, the share prices of which decreased by Rs50 per share, closing at Rs5550.