The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Thursday and the benchmark KSE-100 Index declined 0.4% on account of negative indicators denting investors’ confidence, while volumes improved from the last close.
By the end of the session, the benchmark KSE-100 Index finished 167.68 points or 0.40% lower to close at 41,651.61.
Trading began with a rise and the market remained in the positive territory. However, downward pressure was witnessed in the second part of the session as the benchmark index closed on a negative note.
Automobile, cement, chemical and pharmaceuticals closed with losses while commercial banks ended in the green.
KSE-100 jumps 0.67% on back of positive triggers
A report from Capital Stake stated the benchmark KSE-100 index opened the session on Thursday positive but failed to hold onto its gains.
“A range of economic challenges, including a dollar shortage and delay in the International Monetary Fund’s (IMF) loan programme for the country led to the downward trend in the market,” said Capital Stake.
A report from Arif Habib Limited stated that a range-bound session was witnessed at the PSX.
“The market opened in the green zone but failed to maintain momentum since the investors chose to remain on the sidelines given the country's current macroeconomic situation, resulting in the benchmark KSE-100 index closing in the red,” said AHL.
“Volumes on the mainboard dried up as activity remained subdued, though third-tier stocks remained in the spotlight,” it added.
On the economic front, rupee registered a marginal loss for the fourth successive session against the US dollar on Thursday and lost Re0.21 or 0.09% in the inter-bank market to close at 224.37.
Sectors painting the benchmark KSE-100 in red included, technology and communication (56.62 points), banking (36.68 points) and cement (31.29 points).
Volume on the all-share index jumped to 227.8 million from 221.5 million on Wednesday. However, the value of shares traded declined to Rs4 billion from Rs5.9 billion recorded in the previous session.
Kohinoor Spinning was the volume leader with 25.27 million shares, followed by Hum Network with 23.69 million shares and Hascol Petrol with 13.06 million shares
Shares of 330 companies were traded on Thursday, of which 104 registered an increase, 205 recorded a fall, and 21 remained unchanged.
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