The Pakistan Stock Exchange (PSX) extended losses on Tuesday and the KSE-100 Index fell 0.13% owing to late session selling. The market traded in a narrow-range throughout the session.

By the end of the day, the KSE-100 Index was down 53.98 points or 0.13% to close at 42,796.85.

KSE-100 slides over lack of investor participation

Trading began on a mixed note, however, the KSE-100 Index accumulated gains till noon. After midday, selling pressure dragged the market lower and it closed in the red.

Cement and chemical segments closed negative while banking and oil sectors ended at a mixed note. On the other hand, automobile sector closed with gains.

A report from Capital Stake started that the PSX ended a volatile session on Tuesday flat.

“Indices swayed in both directions, while volumes surged from last close,” it added.

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

“The market opened in the red zone on account of political uncertainty, but later in the day investors jumped back, turning the index green and helping it reach an intra-day high of 184.95 points,” it said. “Profit-taking was observed in the final hour of trading causing the index to close in the red.”

Investors’ participation remained low, on the contrary, third tier stocks remained as volume leaders, the report said.

On the economic front, the Economic Coordination Committee (ECC) of the Cabinet approved increase in premium on high-speed diesel (HSD) subject to maximum capping at $16.75 per barrel for importing Oil Marketing Companies (OMCs) other than PSO for the month of November 2022.

Moreover, rupee lost Re0.23 or 0.1% against the US dollar ending the session at Rs221.9.

Sectors dragging the benchmark KSE-100 index downwards included, technology and communication sector (58.91 points), miscellaneous sector (24.57 points) and power generation and distribution sector (16.84 points).

Volume on the all-share index inched up slightly to 188.7 million from 185.5 million on Monday. The value of shares traded rose to Rs7.4 billion from Rs6 billion recorded in the previous session.

Lotte Chemical was the volume leader with 17.8 million shares, followed by WorldCall Telecom with 14.3 million shares and TRG Pakistan with 12.4 million shares

Shares of 350 companies were traded on Tuesday, of which 156 registered an increase, 174 recorded a fall, and 20 remained unchanged.