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December 9, 2019
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Business Top Stories

PSX closes lower as cement, oil stocks fall

KARACHI: Pakistan shares closed lower on Wednesday, led down by cement, and gas and oil stocks, dealers said.

The benchmark 100-share index of the Pakistan Stock Exchange ended 0.69 percent lower at 38,149.26 points.

“The index witnessed lacklustre activity while declining by 256 points to close at the 38,149 level,” said Hammad Aman, Manager, Equity Sales at Topline Securities (Pvt) Ltd.

Volume fell 19.5 percent to 124 million shares, while traded value decreased by 9.6 percent to 7.5 billion rupees ($71.65 million).

K-Electric Ltd and Pak Electron fell 0.63 percent and 1.10 percent, respectively. Byco Petroleum Pakistan Ltd lost 2 percent.

“After the news circulated in the market that their debt restructuring deal had failed, Dewan Cement Ltd and Dewan Farooque Motors Ltd continued to decline by 3.6 and 2.8 percent, respectively,” Aman said. ($1 = 104.6700 Pakistani rupees) –Reuters