Stocks endured a volatile session with the benchmark KSE-100 swinging both ways before ending flat on Wednesday, while volumes and value declined from the previous day.
During the session, the benchmark index accumulated 115.84 points, jumping to an intra-day high of 44,292.91. However, profit-taking, and lack of triggers meant a direction-less trading session.
At close, the index settled lower by 2.10 points at 44,174.97.
“Investors preferred to stay on the sidelines ahead of the mini-budget announcement,” said Capital Stake in its post-market comment. As per media reports, the federal cabinet on Tuesday delayed the approval of a mini-budget to the tune of Rs360 billion.
On the economic front, ICT export remittances, including telecommunication, computer and information services for the period July-November fiscal year 2021-22 surged to $1.051 billion at a growth of 37.57% compared to $764 million during July-November fiscal year 2020-21, revealed data released by the Ministry of Information Technology and Telecommunication.
KSE-100 ends negative as profit-taking erases gains
Meanwhile, sectors pulling down the benchmark index included oil and gas exploration (4.16 points), food and personal care products (2.25 points) and automobile assembling (1.68 points).
Volume decreased, clocking in at 151.79 million on the all-shares index, down from 223.08 million on Tuesday. The value of shares traded declined to Rs6.6 billion, down from Rs8.7 billion.
Ghani Global Holdings was the volume leader with 14.21 million shares, followed by Unity Foods Limited XR with 9.10 million shares, and TRG Pakistan Limited with 8.5 million shares.
Shares of 339 companies were traded on Wednesday, of which 159 registered an increase, 165 recorded a fall, and 15 remained unchanged.
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