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The Pakistan Stock Exchange (PSX) witnessed another turbulent session as the benchmark KSE-100 Index ended the trading session on a flat note, while the volume and value of shares traded improved.

At close, the KSE-100 Index settled at 40,246.67, an increase of 41.13 points or 0.10%.

Profit-taking erodes intra-day gain, KSE-100 ends 0.2% higher

Trading began on a positive note amid reports of expected inflows from Saudi Arabia and UAE pushing the KSE-100 Index to hit an intra-day high of 40,372.59 in the initial hour. However, the market reversed its trajectory amid low volumes, an expected development in the last few days of the Ramadan month.

Automobile, chemical and power generation & distribution closed with gains while cement, commercial banks and oil & gas marketing companies ended the day in the red.

A report from Topline Securities stated that a range-bound session was witnessed at the equities. “The KSE-100 Index remained mostly directionless,” added the report.

Capital Stake noted that indices swayed in both directions at the PSX, while volumes surged from the last close.

On the economic front, the rupee ended its winning streak against the US dollar, to settle at 284.71, a decrease of Re0.31 or 0.11% in the inter-bank.

On the corporate front, Maple Leaf Cement Factory Limited announced the financial result for 3QFY23, posting a net profit of Rs1,876 million alongside an Earnings Per Share (EPS) of Rs 1.75, compared to Rs1,919 million in the same period last year, depicting a decline of 2% YoY.

Sectors pushing the KSE-100 Index upwards included banking (34.38 points), power generation and distribution (20.83 points) and cement (18.00 points).

Volume on the all-share index rose to 94.8 million from 89.2 million on Thursday (the market was closed on Friday) while the value of shares traded increased to Rs3.05 billion from Rs2.76 billion recorded in the previous session.

WorldCall Telecom was the volume leader with 15.6 million shares followed by Pakistan Aluminium Beverage Cans Limited with 5.1 million shares and Telecard Limited with 4.6 million shares.

Shares of 316 companies were traded on Monday, of which 151 registered an increase, 141 recorded a fall and 24 remained unchanged.

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Tulukan Mairandi Apr 17, 2023 05:48pm
A crash is round the corner
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