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Markets

KSE-100 remains under pressure, down 0.58%

  • Decline comes on back of lack of positive triggers
Published June 13, 2023

The Pakistan Stock Exchange (PSX) remained under pressure on Tuesday and the KSE-100 Index shed 0.58% owing to lack of positive triggers.

Although the status quo in the interest rate by the State Bank of Pakistan was taken as a positive cue by the market, it was insufficient to prop it upward.

KSE-100 sees range-bound post-budget session, index down 0.29%

At the end of the session, the benchmark index was down 244.21 points or 0.58% to close at 41,538.72.

Following a brief jump at open, the market began its descent in initial hour and continued to fall for the remaining part of the day.

Index-heavy automobile, cement, fertiliser and banking sectors ended in red.

In its report, Arif Habib Limited stated that a mixed session was recorded at the PSX.

“The market opened in the green after the SBP kept the interest rate unchanged in the MPC meeting,” it said. “Stocks later tumbled as investors opted to book profits at the end of the day.”

Investors’ participation remained sideways as the third tier stocks continued to dominate the volume board, it said.

Capital Stake’s report said that the PSX ended another volatile session on Tuesday in red.

“Indices swung high and low while volumes contracted from last close,” it said.

Sectors painting the benchmark KSE-100 Index in red included, cement (67.37 points), technology and communication (53.90 points) and fertiliser (47.91 points).

Volume on the all-share index fell to 144.2 million from 179.1 million on Monday, while the value of shares traded dropped to Rs4.1 billion from Rs5.6 billion recorded in the previous session.

Hascol was the volume leader with 14.4 million shares followed by TPL Properties with 13.5 million shares and WorldCall Telecom with 13 million shares.

Shares of 327 companies were traded on Tuesday, of which 91 registered an increase, 208 recorded a fall and 28 remained unchanged.

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