Another range-bound session was observed at the Pakistan Stock Exchange (PSX) with the KSE-100 Index settling nearly flat at 47,413 on Wednesday.
Gaining over 200 points, the benchmark KSE-100 recorded an intra-day high of 47,629 before finishing with a marginal drop of 6.28 points or 0.01% to end 47,413.46.
CPI for the month of August came in at 8.4%, a similar reading to the previous month when it came in at 8.4%, but slightly higher than 8.2% in August 2020, showed data released by the Pakistan Bureau of Statistics (PBS) on Wednesday. While a non-event for the market, inflation reading is important to see future course of direction including the monetary policy as well as input costs for companies.
A number of key developments are also expected this month, which are likely to impact the trajectory of the KSE-100, including the sixth review of the IMF due this month from which any positive development could attract positive sentiment in the market, said a report by AHL Research. "The MSCI decision is also expected this month on Pakistan's status as an EM. Moreover, the Monetary Policy Committee is due to convene later this month."
Profit-taking continues as KSE-100 ends nearly flat
Sectors dragging the benchmark KSE-100 lower included banking (27.93 points), cement (19.56 points), and automobile assembling (10.14 points).
Volume on the all-share index increased from 378.83 million on Tuesday to 536.64 million on Wednesday. The value of shares traded during the session also inched higher to Rs14.36 billion from Rs14.02 billion on Tuesday.
WorldCall Telecom remained the volume leader with 162.28 million shares, followed by Telecard Limited with 45.13 million shares, and Ghani Global Holdings at 32.73 million shares.
Shares of 534 companies were traded on Wednesday, of which 307 registered an increase, 207 recorded a fall, while 20 remained unchanged.
Comments
Comments are closed for this article.