Stocks closed lower on Pakistan Stock Exchange (PSX) on Thursday amid thin trade owing to selling pressure in selected scrips.
The market closed 176 points lower after a volatile trading day during which the index navigate in the red zone most of the time.
The market opened in the green. The benchmark KSE 100 index gained over 100 points within minutes after the trade opening. However, the positive sentiments did not last long as the market soon plunged into the red.
During the morning session, the marker moved both ways. However, it remained in the red throughout the second session.
The investors’ concerns over the outcome of the ongoing protest in the country and uncertainty over financial assistance from China led the market to close 176 points lower to settle at 41367 points level.
On Thursday, some 133,411,690 shares changed hands on the market.
Commenting on the trading, senior analyst and chief executive officer (CEO) of Arif Habib Corp Ahan Mehnati said that stocks closed lower amid thin trade in the post-earnings season.
The bearish trend was fueled by investor concerns over the outcome of ongoing political protests, IMF economic bailout talks and lack of clarity regarding financial assistance from China, he opined.
He added that uncertainty in global equities, foreign outflows, concerns for ongoing rupee depreciation and a slump in global crude oil prices played a catalyst role in the bearish close at PSX.
Trading held in the shares of 358 companies on Thursday. The shares prices of 120 companies increased while the share prices of 219 companies decreased. Whereas the share prices of 19 companies remained unchanged.
Jubile Life Insurance was the biggest gainer in term of per share gain followed by Island Textile. The share price of Jubile Life Insurance surged by Rs30.99 to close at Rs650.99 while the share price of Island Textile increased by Rs17.40 to close at Rs1577.40.
Philip Morris Pak was the biggest loser in term of per share loss followed by Wyeth Pak Ltd. The share prices of Philip Morris Pak fell by Rs58.90 to close at Rs3539.10.