KSE-100 closes with marginal loss amid sharp decline investor participation
- Political and economic uncertainty keep market participants on sidelines
The Pakistan Stock Exchange (PSX) endured a mixed session on Tuesday and the KSE-100 Index closed 0.1% down amid sharp drop in investor participation.
Political and economic uncertainty kept market participants on the sidelines.
At close on Tuesday, the KSE-100 Index recorded a decrease of 40.47 points or 0.1% to close at 40,877.98.
Selling pressure persists at KSE-100, market falls 1%
Trading began on a mixed note but the market hit intra-day low before noon. In the second half of the session, the market turned range-bound and closed with marginal loss.
Automobile, cement and banking sectors closed with losses while chemical and oil spaces ended with gains.
A report from Arif Habib Limited stated that a range bound session was recorded at the PSX.
“The market opened in the red zone but traded in both directions as investors chose to be cautious due to ongoing political and economic worries,” it said. “Investors participation remained dull awaiting clarity on the IMF front, as volumes in the mainboard dried up while 3rd tier stocks continued to dominate the volume board.”
A report from Capital Stake said that PSX closed a volatile session on Tuesday flat.
“Indices swayed both ways in search of a direction while volumes declined from last close,” the report added.
On the economic front, rupee registered minor gain against the US dollar and appreciated 0.04% or Re0.11 in the inter-bank market to settle at 283.92.
Sectors driving the benchmark KSE 100 index lower included miscellaneous (55.14 points), banking (27.37 points) and cement (18.67 points).
Volume on the all-share index dropped to 142.8 million from 195.5 million on Monday. The value of shares traded fell to Rs4.2 billion from Rs5 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 6.1 million shares followed by Cnergyico PK with 4.8 million shares and Unity Foods with 4.7 million shares.
Shares of 309 companies were traded on Tuesday, of which 134 registered an increase, 153 recorded a fall and 22 remained unchanged.