The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed lower by nearly 100 points on Wednesday, as investors opted to book profits in a volatile session.
The KSE-100 advanced with around 200 points in the intra-day trading, but profit taking erased the gain and pushed the index into the negative territory.
At close, the benchmark index settled 49,431.48, down 99.53 points or 0.20%.
“Today, in the Pakistan stock market, there was a session of profit-taking as investors chose to cash in on their gains,” brokerage house Topline Securities stated in its post-market report.
Banks, auto, and IT stocks, including, UBL, MEBL, MCB, MTL and SYS, made a positive contribution by adding 92 points. However, HUBC, OGDC, and MLCF collectively lost 88 points, the brokerage house said.
On the economic front, the Pakistani rupee registered significant losses against the US dollar, as it depreciated 1.16% in the inter-bank market on Wednesday. As per the State Bank of Pakistan (SBP), the local currency settled at 280.29 after a decrease of Rs3.26 in the inter-bank market.
Volume on the all-share index marginally decreased to 332.6 million from 368.34 million a day before.
The value of shares traded declined to Rs8.8 billion from Rs10.4 billion in the previous session.
Pak Refinery remained the volume leader with 75.71 million shares, followed by K-Electric Ltd. with 37.46 million shares and Pak Int.Bulk with 23.63 million shares.
Shares of 347 companies were traded on Wednesday, of which 141 registered an increase, 185 recorded a fall, while 21 remained unchanged.
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