The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed lower on Thursday, dented by weakening confidence of investors amid lack of positive triggers.
The KSE-100 started slightly positive, hitting an intra-day high of 46,469.60. However, profit-taking erased the gains and pushed the index into negative territory.
At close, the benchmark index settled at 46,232.59, down by 132.45 points or 0.29%.
“Dull session was observed at the exchange as the index traded sideways with low volume,” brokerage house Topline Securities stated in its post-market report.
Top contribution to the index came from HUBC, LUCK, HINOON, NATF and COLG, as they cumulatively added 53 points to the index, according to the brokerage house.
On the flip side POL, SYS, OGDC, TRG and MEBL lost value to weigh down on the index by -338 points., it added.
On Wednesday, the KSE-100 had closed slightly higher after witnessing a lacklustre session, as trading at the index remained in narrow range throughout the day.
However, on month-on-month basis, the KSE-100 managed to gain 2.74%, mainly on an action against smuggling and hoarding with support of the Army, announcement of election week by the Election Commission of Pakistan (ECP), and the central bank’s decision to keep the policy rate unchanged, Topline Securities said.
Meanwhile, the Pakistani rupee maintained its upward trajectory against the US dollar, gaining 0.35% in the inter-bank market on Thursday. This was the rupee’s 17th successive increase against the greenback.
Volume on the all-share index inched up to 177.6 million from 177.5 million on Wednesday.
The value of shares marginally also slightly increase to Rs6.932 billion from Rs6.928 billion in the previous session.
Oil & Gas Dev. remained the volume leader with 11 million shares, followed by WorldCall Telecom with 9.63 million shares and Agritech Limited with 9.56 million shares.
Shares of 327 companies were traded on Thursday, of which 122 registered an increase, 183 recorded a fall, and 22 remained unchanged.