Daily Stock Report: PSX Drops 250 Points to Close at 46,874

The Pakistan Stock Exchange took another another dip ahead of the Panama case as the benchmark index lost -250.75 points, or -0.53%, by the close of the trading session to reach 46874.37 points.

The market lost its footing amid thin turnover as investors continued to lose patience due to delays in announcement of Panama case verdict. Market grapevine also suggested that the Supreme Court is expected to announce the verdict in a day or two. 

The KSE-100 opened positive and continued to gain until the first hour and then quickly went down in the red zone.

Chemical, commercial banks and power generation & distribution sector attracted investor interest. Volumes were greater than yesterday.

These numbers are the total volume of shares that rose in value, sank in value, and their ratios.

Shares of 364 companies were traded. At the end of the day, 121 stocks closed higher, 228 declined while 15 remained unchanged.

Engro Polymer was the volume leader with 16.99 million shares, losing Rs0.25 to close at Rs25.11. It was followed by K-Electric Ltd with 15.83 million shares, gaining Rs0.12 to close at Rs8.00, TRG Pak Ltd with 9.15 million shares, losing Rs1.03 to close at Rs49.44 and Bank of Punjab with 8.66 million shares, losing Rs0.11 to close at Rs12.62.

Engro Polymer and Chemicals Limited – Earnings per share (EPS) increased to Rs 1.27 and was just Rs0.03 in the same period of previous year.

Pakistan Refinery Ltd – Earnings per share (EPS) increased to Rs 3.43 for the nine months period ended and was of Rs 2.83 in the same period previous year.

Major gainers of the market were:

Major losers of the market were:

U.S. West Texas Intermediate (WTI) crude fell 0.89% to $52.18, the lowest since April 10. Oil prices fell on Tuesday on news that U.S. shale oil output was expected to post the biggest monthly rise in more than two years, fueling concerns that U.S. production growth is undermining OPEC-led efforts to rein in oversupply.

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