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Stocks witness bearish trend BUSINESS & FINANCE

Stocks witness bearish trend

Stocks closed lower amid pressure on institutional profit-taking post major earnings announcements at PSX. Volatility prevailed in the market during the initial hours of the trade as the index continuously juggled between the positive and negative zones. Selling pressure was witnessed in the market during the latter hours as the index lost around 346 points or (0.69pc) and to close at 49,482 level.

PSMC (gains 5pc) in the auto sector continued its upward trajectory as the recent result announcement (1QFY17 EPS of Rs15.88) by the company and news of 'Orange Cab' scheme by the Punjab government, under which 100,000 cars will be provided to unemployed youth of the province, kept the investor interest alive in the stock.

HUBC (slip 0.43pc) closed slightly in the red zone as the IPP announced its 9MFY17 result announcement. The company posted EPS of Rs6.60 which was down by 9 percent YoY. MUGHAL (slump 1.17pc), in the steel sector, lost value as investors came in to book their profit in the company after its 9MFY17 result announcement.

In the announcement, company posted EPS of Rs5.78 along with a cash payout of Rs2/share. HBL (down 1.62pc), NESTLE (4.11pc) and PPL (1.81pc) were today's major index movers as they lost value to weigh down on the index.

Weak global crude prices, political uncertainty and investor concerns for surging current account deficit, foreign outflows played a catalyst role in bearish close the futures rollover week.

Overall, volumes increased by 24 percent d/d to 399 million shares while traded value declined 12 percent to Rs14.7 billion/$141 million.

Engro Polymer emerged as volume led with 36.6 million shares traded, followed by Aisha Steel Mill with 27.9 million shares traded and Azgard Nine with 26.9 million shares traded, respectively. Total 403 active companies participated in the session, of which 174 gained in value, 208 declined and 21 remained unchanged.
Source: The Nation.

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