KSE-100 rises 0.14% in range-bound session

The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday and the KSE-100 index rose 0.14%.

Trading was marred by lack of positive developments on the economic front and political uncertainty.

KSE-100 closes with marginal loss after mixed session

At close on Wednesday, the KSE-100 Index recorded an increase of 57.61 points or 0.14% to close at 41,874.04.

Trading began on a mixed note and the market remained in the red in initial hours. After midday, the market ascended and closed with a marginal gain.

Automobile, cement and banking segments closed in green while chemical and fertiliser space closed mixed. On the other hand, oil sector closed in the red.

On the political front, police and Pakistan Tehreek-e-Insaf (PTI) workers continued to clash in early hours of the day, adding to political turbulence.

On the economic front, rupee remained under pressure against the US dollar for the third consecutive session, depreciating Re0.5 or 0.20% in the inter-bank market on Wednesday to settle at 282.85.

A report from Arif Habib Limited stated that a positive session was recorded at the PSX.

“The market opened in the red losing 209.39 points following the ongoing political turbulence in the state. Bulls quickly droved the index and proceeded to make an intraday high of 193.69 points as investors opted to cherry pick strong fundamental stocks given the attractive valuations being offered in the market.”

Volumes remained robust all across the mainboard while the cement sector remained in the spotlight, it said.

A report from Capital Stake said that another round of volatile trading continued at the PSX on Wednesday.

“Indices swayed both ways while volumes appreciated from last close,” it said. “Turmoil on the political front and delay in the International Monetary Fund (IMF) programme dented investors’ confidence.”

Sectors driving the benchmark KSE 100 index north included cement (118.50 points), banking (20.63 points) and engineering (19.20 points).

Volume on the all-share index rose to 233.3 million from 185.3 million on Tuesday. The value of shares traded surged to Rs8.4 billion from Rs6.7 billion recorded in the previous session.

Maple Leaf Cement was the volume leader with 32.9 million shares followed by Hascol with 12.3 million shares and WorldCall Telecom with 11 million shares.

Shares of 334 companies were traded on Wednesday, of which 197 registered an increase, 113 recorded a fall and 24 remained unchanged.