Pakistan stocks close in red

KARACHI: Pakistan equities closed another session in red on Wednesday with benchmark KSE-100 Index witnessing wild swings in a near 500-point-range in the absence of triggers, dealers said.

“A brief positive open on thin volumes was quickly followed by wider market taking a nosedive and entering in red zone on across-the-board institutional profit-taking,” Ali Raza at Elixir Securities said.

The KSE-100 shares index shed 36.44 points or 0.07 percent to close at 48,642.21 points. KSE-30 shares index shed 152.95 points or 0.58 percent to end at 26,186.92 points. As many as 427 scrips were active of which 241 advanced, 192 declined and 21 remained unchanged.

The ready market volumes stood at 330.624 million as compared to 379.653 million shares a day earlier.

Companies reflecting highest gains include Pakistan Tobacco up by Rs63.05 to end at Rs1325.85/share and Ghandhara Industries up Rs51.32 to end at Rs1077.78/share.

Companies reflecting highest losses include Sanofi Aventis down Rs45.50 to Rs2722/share and Service Industries down Rs33.95 to end at Rs1506.30/share.

Highest volumes were witnessed in Pak Elektron with a turnover of 19.756 million shares. The scrip gained Rs3.72 to close at Rs78.28/share. Bank of Punjab was second with a turnover of 19.342 million shares. It gained 40 paisas to end at Rs17.78/share. Oil & Gas Development (OGDC) was third with a turnover of 12.504 million shares. It shed Rs8.04 to finish at Rs157.81/share.

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