Selling pressure persists at PSX, KSE-100 down 0.17%

The Pakistan Stock Exchange (PSX) endured a volatile rise on Thursday and the KSE-100 Index closed 0.17% lower after oscillating between red and green zones.

Lack of positive developments coupled with investors’ anxiety over resumption of the International Monetary Fund (IMF) programme kept volumes thin.

At close, the benchmark index settled at 40,152.05, a fall of 68.74 points or 0.17%.

KSE-100 sheds 1.06% as IMF uncertainty persists

Trading began upward and the market reported gains in first half of the session. The second half of the day was marred by selling pressure and stock market tumbled to close in the red.

All index-heavy sectors including automobile, cement, fertiliser, chemical and oil sectors closed with a loss.

A report from Arif Habib Limited stated that another range-bound session was tapped at the PSX.

“The benchmark KSE-100 index began the day in the green but the index swung both ways owing to lack of reasons to trigger activity,” it said. “Investor participation remained sideways in wake of the delayed IMF deal.”

Volumes across the board were dull while the 3rd tier stocks led the board, it added.

On the economic front, Pakistani rupee maintained its upward trajectory for the third successive session against the US dollar, appreciating Re0.25 or 0.09% in the inter-bank market on Thursday to settle at 286.73.

Volume on the all-share index spiked to 116.5 million from 97 million on Wednesday, while the value of shares traded dropped to Rs2.6 billion from Rs3.6 billion recorded in the previous session.

K-Electric was the volume leader with 27.1 million shares followed by WorldCall Telecom with 25.5 million shares and Bank of Punjab with 3.3 million shares.

Shares of 309 companies were traded on Thursday, of which 106 registered an increase, 169 recorded a fall and 34 remained unchanged.