Lacklustre activity forces PSX to close flat as political, economic noise mutes trade

1 month ago 36
— AFP/File— AFP/File
  • The benchmark KSE-100 scale opened connected a affirmative enactment but it soon entered the reddish portion and started losing crushed successful the aboriginal hours.
  • At close, the benchmark KSE-100 scale sheds 6.62 points to adjacent astatine 43,846.87 points.
  • Shares of 350 companies were traded during the session.

KARACHI: Stocks astatine the Pakistan Stock Exchange (PSX) inched down connected Wednesday successful sluggish commercialized arsenic marketplace players chose discretion implicit valour arsenic they awaited monetary argumentation signals from the State Bank of Pakistan (SBP).

The bourse traded betwixt anticipation and despair, which yet fto escaped the bears who dragged the bourse into the red.

Investors kept a adjacent ticker connected governmental quality astir the Pakistan Democratic Movement's (PDM) ostentation march and the upcoming mini-budget.

Moreover, depreciating section currency against the US dollar, which plunged to an all-time debased of Rs177.43 successful the interbank market, dented investors’ confidence.

Benchmark KSE-100 scale  intra-day trading curve. PSX information  portalBenchmark KSE-100 scale intra-day trading curve. PSX information portal

The benchmark KSE-100 scale opened connected a affirmative enactment but it soon entered the reddish portion and started losing crushed successful the aboriginal hours. The topsy-turvy league had a dull enactment amid the economical uncertainty up of the monetary argumentation announcement scheduled adjacent week and anticipation of existent relationship data.

A study from Arif Habib Limited noted that the marketplace remained range-bound today, with debased volumes and lacklustre enactment witnessed crossed the board.

“The benchmark KSE-100 scale went up by 285 points during the time but couldn’t negociate to prolong affirmative momentum,” it said.

Sectors contributing to the show included cement (-83 points), fertiliser (-32 points), pharmaceuticals (-14 points), engineering (-13 points) and refinery (-10 points).

Today, astatine the close, the benchmark KSE-100 scale shed 6.62 points, oregon 0.02%, to adjacent astatine 43,846.87 points.

Shares of 350 companies were traded during the session. At the adjacent of trading, 134 scrips closed successful the green, 196 successful the red, and 20 remained unchanged.

Overall trading volumes soared to 233.2 cardinal shares compared with Tuesday’s tally of 229.4 million. The worth of shares traded during the time was Rs7 billion.

Hascol Petroleum was the measurement person with 57.5 cardinal shares traded, gaining Rs0.65 to adjacent astatine Rs6.70. It was followed by Telecard Limited with 21.8 cardinal shares traded, gaining Rs0.87 to adjacent astatine Rs15.57, and Treet Corporation with 11.11 cardinal shares traded, losing Rs0.32 to adjacent astatine Rs41.45.

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