The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed slightly lower on Monday, after range-bound trading during the day amid lack of positive triggers.
The KSE-100 started positive, hitting an intra-day high of 46,590.26. However, profit-taking erased the gains and pushed the index into negative territory.
At close, the benchmark index settled at 46,393.68, down by 27.47 or 0.06%.
“At the start of the week, Pakistani equities kicked off on a positive note but failed to keep up the pace,” brokerage house Topline Securities stated in its post-market report.
On Monday, major positive contribution to the index came from, ILP, LUCK, PSEL, OGDC and TRG as they cumulatively contributed 78 points to the index. Whereas, MTL, HBL & SYS lost value to weigh down on the index by -99 points, the brokerage house said.
Another brokerage house Ismail Iqbal Securities said the equity market witnessed range-bound activity on Monday.
Last week, the KSE-100 eked out 1.5% week-on-week gains, mainly on appreciation of the rupee against the dollar and Election Commission of Pakistan’s statement that general elections will be held by end of January 2024.
The Pakistani rupee maintained its upward trajectory for the 14th successive session against the US dollar, gaining another 0.31% in the inter-bank market on Monday. As per the State Bank of Pakistan, the rupee settled at 290.86 after an increase of Re0.9 in the inter-bank market.
Volume on the all-share index increased to 195.67 million from 172.89 million on Friday.
The value of shares decreased to Rs5.53 billion from Rs6.27 billion in the previous session.
P.I.A.C.(A) remained the volume leader with 29.65 million shares, followed by Pak Elektron with 20.63 million shares and WorldCall Telecom with 8.98 million shares.
Shares of 326 companies were traded on Monday, of which 168 registered an increase, 134 recorded a fall, and 24 remained unchanged.