KSE-100 ends flat in range-bound session

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed flat in a range-bound session on Thursday.

The KSE-100 started the session positive, hitting an intra-day high of 51,520.68. However, profit-taking in later part of the day curbed the gains.

At close, the benchmark index settled at 51,185.28, slightly up by 8.15 points or 0.02%.

“Pakistan equities had a range-bound today. The day began positively, with investors carrying forward the bullish momentum from the preceding day. However, market witnessed profit taking in the later half which compelled KSE 100 index to shed away gains it had made during the early trading hours,” brokerage house Topline Securities said in its post-market report.

During the day, banking sector stocks emerged as star performers. This was driven by outstanding financial results and dividend announcements that exceeded street expectations, as part of the ongoing results season, the brokerage house stated.

Consequently, BAHL, MEBL, MCB, and BOP contributed positively by adding 167 points, cumulatively. On the other hand, some stocks like PPL, DAWH, and HBL experienced profit-taking, resulting in a combined loss of 85 points, it added.

Brokerage house Ismail Iqbal Securities said Thursday’s session remained range-bound due to the ongoing roll-over week.

Meanwhile, the Pakistani rupee registered its fourth consecutive decline against the US dollar as it depreciated 0.07% in the inter-bank market on Thursday. As per the State Bank of Pakistan, the local currency settled at 280.09, a decrease of Re0.21.

Volume on the all-share index decreased to 364 million from 427.4 million a day before.

The value of shares declined to Rs11 billion from Rs15.5 billion in the previous session.

WorldCall Telecom remained the volume leader with 57.47 million shares, followed by B.O.Punjab with 46.16 million shares and K-Electric Ltd with 20.8 million shares.

Shares of 357 companies were traded on Thursday, of which 140 registered an increase, 197 recorded a fall, while 20 remained unchanged.