The Pakistan Stock Exchange on Thursday extended losses as the KSE-100 Index fell 0.7% in a lacklustre session. Lack of positive triggers kept investors on the sidelines and volumes contracted.
At close, the KSE-100 index finished with a fall of 305.4 points or 0.7% to end at 43,032.57.
Trading began on a mixed note and the KSE-100 index hit an intra-day high in the initial hours. Selling pressure emerged at this point and the market began its descent. The decline flattened in the final hours and the market closed with a loss.
KSE-100 ends marginally lower after rollercoaster session
Index-heavy automobile, cement, banks, fertiliser and oil sectors closed with losses.
A report from Capital Stake stated the PSX witnessed another range-bound session on Thursday.
“Indices slipped lower and lower for most part of the day whereas volumes decreased from last close,” it said.
A report from Topline Securities stated that Pakistan equities closed on a negative note where benchmark KSE-100 Index settled at 43,032 (down 0.70%).
“After a slight positive opening, profit taking was witnessed at the bourse where the market made an intra-day low of 377 points,” the report said.
On the economic front, the Qatar Investment Authority shared plans to invest $3 billion in various commercial and investment sectors of Pakistan in order to aid the economy.
As per media reports, the Asia Pacific Group (APG), a subsidiary body of the Financial Action Task Force (FATF), released the fourth technical compliance report on the implementation of the FATF Action Plan by Pakistan, in which Pakistan’s technical compliance rating has been upgraded.
In the currency market the rupee lost Rs1.04 or 0.47% against the US dollar, ending the day at Rs219.41.
Sectors adding downside pressure to the benchmark KSE-100 higher included power generation and distribution (142.38 points), fertiliser (31.95 points) and oil and gas exploration (28.42 points).
Volume on the all-share index fell to 208.1 million from 256.48 million on Wednesday. On the other hand, the value of shares traded decreased to Rs7.78 billion from Rs8.75 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 18.6 million shares, followed by Hascol with 10.5 million shares and PIA (C) with 9.3 million shares.
Shares of 343 companies were traded on Thursday, of which 110 registered an increase, 209 recorded a fall, and 24 remained unchanged.
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