- Mixture of upside and downside pressures cause index to undergo topsy-turvy ride
The Pakistan Stock Exchange (PSX) reversed its trajectory on Wednesday and the KSE-100 Index receded 0.2% in a roller-coaster session.
The hybrid of upside and downside pressures made the market rise in the first half and fall in the second one.
As a result, the KSE-100 finished the day with a decrease of 83.1 points or 0.2% to close at 41,435.13.
Trading began with a jump and the KSE-100 Index climbed until midday. A selling spree emerging towards noon, dragging the market lower.
Automobile, cement, fertiliser and oil sectors closed with losses, however, banking sector gained despite uncertainty.
A report from Capital Stake read that the PSX ended a volatile session on Wednesday flat.
“Indices which traded in green during early hours of the session failed to sustain gains and slipped lower and lower until finally closing the day in red while volumes depreciated from last close,” it said.
A report from Topline Securities stated that equities closed slightly negative where the benchmark KSE-100 Index settled at 41,435 level (down 0.20%).
“The day kicked off on a positive note continuing Tuesday’s momentum where the market make an intra-day high of 302 points, however this positivity did not sustain at the bourse and some profit taking has been witnessed which led the market to close slight negative,” it said.
On the economic front, rupee gained Rs1.79 or 0.76% against the US dollar on day-on-day basis ending the session at Rs232.12.
Sectors dragging the benchmark KSE-100 Index downward included technology and communication sector (48.30 points), oil and gas exploration sector (26.39 points) and fertiliser sector (25.37 points).
Volume on the all-share index contracted to 220.6 million from 230.65 million on Tuesday. On the other hand, the value of shares traded dropped to Rs8.03 billion from Rs9.6 billion recorded in the previous session.
TPL Pakistan was the volume leader with 29.3 million shares, followed by Cnergyico PK with 17.9 million shares and Ghani Global Holdings with 9.7 million shares
Shares of 337 companies were traded on Wednesday, of which 138 registered an increase, 165 recorded a fall, and 34 remained unchanged.