KSE-100 closes flat amid volatile trading
- Lack of positive triggers, rupee's depreciation keep investors at bay
The Pakistan Stock Exchange (PSX) recorded a volatile session on Wednesday and the KSE-100 Index closed flat as lack of positive newsflow kept the market oscillating in red and green zones.
Continuous rupee depreciation against the US dollar and weakening macroeconomic cues dented the spirits of market participants.
At close, the KSE-100 Index finished with a marginal increase of 10.48 points or 0.02% to close at 42,011.81.
Following an upward open, volatility gripped the KSE-100 Index and it witnessed a roller-coaster ride throughout the day. The market fell to an intra-day low of 41,912.84 points towards noon but the tables turned in second half of the day and a renewed buying spell made it close with a meagre gain.
PSX remains range-bound, KSE-100 rises 0.33%
Despite the increase in KSE-100, heavyweight sectors including automobile, cement, banks and fertiliser recorded a sell-off. However, exploration and production sector ended in green.
A report from Capital Stake cited that the PSX closed a volatile session on Wednesday flat.
“Indices swung in both directions, while volumes surged from last close,” it said. “Equity markets around the globe showed negative trend.”
A report from Topline Securities said that Pakistan equities witnessed range-bound day.
“The KSE-100 index commenced the day on a positive note initially,” the report said. “However, selling pressure gripped the market sentiments in the absence of any positive trigger.”
On the economic front, rupee dipped for the 11th successive session and depreciated by Rs2.39 or 1.03% against the US dollar on day-on-day basis to end the day at Rs234.32, revealed data from the State Bank of Pakistan.
Sectors driving the benchmark KSE-100 index north included technology and communication sector (70.53 points), power generation and distribution sector (54.41 points) and oil and gas exploration sector (23.90 points).
Volume on the all-share index climbed to 156.6 million from 118.5 million on Tuesday. On the other hand, the value of shares traded soared to Rs6.6 billion from Rs3.87 billion recorded in the previous session.
TRG Pakistan was the volume leader with 16.7 million shares, followed by K-Electric with 14.8 million shares and HUBCO with 11.2 million shares.
Shares of 327 companies were traded on Tuesday, of which 128 registered an increase, 180 recorded a fall, and 19 remained unchanged.
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