PSX recovered after Tuesday’s bloodbath

 
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Karachi 16, August (TNS): Pakistan Stock Exchange (PSX) recovered slightly after Tuesday’s bloodbath, with the benchmark KSE-100 index gaining 288 points, or 0.65 per cent, to close at 44,187 on Wednesday.

The index hit a low of 43,782 points, but recovered to touch a day’s high of 44,333 points towards the session’s close. Nearly 87 million shares worth Rs7.9 billion were traded during the day.

“After a bloodbath session yesterday, the market witnessed a recovery of 287 points today to close at 44,187 with thin volumes of 187 million shares,” read a note from JS Global.

“The continuity of political uncertainty has resulted in investors switching from growth stocks to value plays,” it said.

The textile sector dominated the day’s trading with 22.5m shares traded, while engineering and cement followed with 20.77m and 18.75m shares traded respectively.

Stocks of a total of 357 companies were traded in the day, of which 193 advanced, 149 declined and 15 remained unchanged.

Volumes were led by:

Azgard Nine: 17.7m shares traded [+1.80pc];

Aisha Steel Mill: 11.6m shares traded [+1.90pc];

TRG Pak Ltd: 8.6m shares traded [+2.11pc];

B.O.Punjab: 7.5m shares traded [+0.76pc];

Dewan Motors: 7.1m shares traded [-3.34pc].

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