KSE-100 falls 0.37% in range-bound trading

The Pakistan Stock Exchange (PSX) recorded a range-bound session on Tuesday as the KSE-100 Index climbed in the early hours and fell towards close.

Lack of developments to provide a direction to the market made it oscillate between red and green zones. By the end of the session, the KSE-100 Index shed 157.2 points or 0.37% to close at 42,190.03.

Following a mixed start, buying activity gripped the market which made it climb. Towards noon, investors began offloading their holdings that dragged the index lower. The selling pressure intensified in final hours and made the index close in the red.

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Automobile, cement, chemical and banking sectors closed with loss while oil space ended the day on a mixed note.

A report from Arif Habib Limited stated that due to rollover week, the PSX remained under pressure.

“Despite starting the day off in the green, the market was unable to maintain the positive momentum and spent majority of the trading session in red,” the report stated. “On the contrary, major financial announcements were made but investors’ participation was subdued as volumes decreased overall.”

It also noted that third-tier equities continued to lead in terms of volumes.

A report from Capital Stake stated that “taking a U-turn from the previous session, the PSX closed the session on Tuesday in red.”

Indices swayed in both directions, while volumes fell from last close, it said.

On the economic front, rupee recorded a gain for the third successive session against the US dollar, and appreciated 0.31% or Re0.68 to close at 219.73.

Sectors dragging the benchmark KSE-100 Index lower included technology and communication sector (111.81 points), cement sector (43.56 points), and automobile assembler sector (13.77 points).

Volume on the all-share index declined to 195.4 million from 226.7 million on Monday. Similarly, the value of shares traded dropped to Rs6.2 billion from Rs6.05 billion recorded in the previous session.

Hascol was the volume leader with 35.2 million shares, followed by WorldCall Telecom with 13 million shares and G3 Technologies Class B with 11.06 million shares

Shares of 334 companies were traded on Tuesday, of which 96 registered an increase, 208 recorded a fall, and 30 remained unchanged.