- Market crossed 39,000-point mark multiple times before retreating
The Pakistan Stock Exchange (PSX) recorded a volatile session on Thursday and the KSE-100 Index oscillated between red and green zones before closing flat.
The market crossed 39,000-point mark multiple times before retreating.
At close of trading, the KSE-100 Index settled with an increase of 40.49 points or 0.1% to end at 38,831.58.
Trading began with a spike but volatility made the market fluctuate in a narrow range until close.
Index-heavy automobile, fertiliser and oil and gas spaces closed mixed while cement and banking sectors ended the day in the red.
A report from Capital Stake stated that PSX ended a volatile session on Thursday flat.
“Indices oscillated in both directions while volumes increased from last close,” it said.
A report from Arif Habib Limited (AHL) stated that the PSX witnessed a positive session.
“The benchmark KSE-100 Index opened in green and remained positive throughout the trading session, as investors adopted the strategy of value hunting on dips in anticipation of positive outcomes from the ongoing negotiations of the government’s finance team with the International Monetary Fund (IMF),” it said. “The E&P sector remained in limelight strengthening the bulls to secure their position and making an intra-day high of 273 points as the market closed in the green zone. Healthy volumes were recorded across the board.”
On the economic front, Pakistan reported a current account deficit of $400 million in December 2022 compared to a deficit of $1,857 million in same period last year.
Moreover, rupee maintained its downward trajectory against the US dollar for the 22nd straight session, as it depreciated Re0.24 or 0.1% in the inter-bank market to close at 229.15 on Thursday.
Sectors lifting the benchmark KSE-100 index higher included oil and gas exploration sector (113.84 points), technology and communication sector (61.97 points) and oil and gas marketing sector (25.42 points).
Volume on the all-share index inched up to 157.8 million from 153.1 million on Wednesday. The value of shares traded rose to Rs6.4 billion from Rs5 billion recorded in the previous session.
Pakistan Petroleum was the volume leader with 13.6 million shares, followed by TRG Pakistan with 11.1 million shares, and Oil and Gas Development Company with 11 million shares.
Shares of 335 companies were traded on Thursday, of which 153 registered an increase, 157 recorded a fall, and 25 remained unchanged.