KSE-100 ekes out gain amid choppy trading

Trading on the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 remained choppy throughout the day on Tuesday, allowing the index to close with a little gain of 0.29%.

The KSE-100 started the day negative. Some buying helped the index reach an intra-day high of 48,794.13, but profit-taking curbed the gains.

At close, the benchmark index settled at 48,565.75, up by 141.35 points or 0.29%.

“The equity market consolidated today in the absence of positive triggers,” brokerage house Ismail Securities stated in its market report.

In the last session on Friday, the KSE-100 had witnessed a bullish momentum in the opening hours of trading, with the index making a gain of over 600 points or 1.29% at close.

On Tuesday, technology & communication, power generation & distribution, and fertiliser sectors remained major contributors, the brokerage house added.

In a major development, Air Link Communication‘s scrip at the bourse jumped to close at Rs25.07. Business Recorder had earlier reported that capacity utilisation at Air Link’s plant in Kot Lakhpat, Lahore has improved, and expected to grow in the coming months.

On the economic front, the Pakistani rupee closed at its weakest level against the US dollar in the inter-bank market since May 11, depreciating 1.03% on Tuesday. At close, the rupee settled at 291.5, as per the State Bank of Pakistan. This is its weakest closing since May 11 this year, when the rupee settled near the 299 level.

Meanwhile, volume on the all-share index decreased to 251.6 million from 368.3 million in the last session.

The value of shares also fell to Rs9 billion from Rs17 billion in the previous session.

K-Electric Limited remained the volume leader with 32.2 million shares, followed by WorldCall Telecom with 26.2 million shares and Dewan Motors with 16.9 million shares.

Shares of 340 companies were traded on Tuesday, of which 160 registered an increase, 155 recorded a fall, and 25 remained unchanged.