KSE-100 sees volatile session, closes flat

A volatile session was witnessed at the Pakistan Stock Exchange (PSX) as the benchmark KSE-100 ended trading on a flat note on Tuesday.

The index accumulated gains for most of the day, while both the volume and value of shares rose compared to the previous session. However, profit-taking towards the end of the sessions meant all intra-day gains were erased.

At close, the benchmark index settled at 72,761.20, a loss of 3.04 points.

“Pakistan equities had a mixed day today. Continuing last day’s buoyant momentum, the day commenced on a positive note and the KSE 100 index made an intraday high at 73,260 levels,” brokerage house Topline Securities said in its post-market report.

At the aforesaid level, it added, profit-taking was seen in the market, which compelled the benchmark index to shed earlier gains and ultimately settled the day on a flat note.

Index-heavy stocks including OGDC, PPL, SNGPL, SSGC, and PSO closed negative.

On Monday, a bullish trend was witnessed at the PSX on the back of aggressive buying by local and foreign investors coupled with institutional support.

Internationally, China stocks edged down on Tuesday, dragged by tech stocks, while foreign investors turned net sellers by midday, and Hong Kong shares retreated after a 10-day winning streak.

Foreign capital sold 3.3 billion yuan ($457.30 million) worth of shares by midday via the Stock Connect scheme’s northbound link.

Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.24%, while Japan’s Nikkei index was up 1.46%.

Meanwhile, the Pakistani rupee registered marginal improvement, appreciating 0.04% against the US dollar in the inter-bank market on Tuesday. At close, the local unit settled at 278.12, a gain of Re0.12 against the greenback, as per the State Bank of Pakistan.

Volume on the all-share index increased to 621.83 million from 578.39 million a session ago.

The value of shares slightly increased to Rs24.97 billion from Rs24.52 billion in the previous session.

Pak Electron was the volume leader with 64.15 million shares, followed by Fauji Foods Limited with 40.15 million shares, and WorldCall Telecom with 29.97 million shares.

Shares of 377 companies were traded on Tuesday, of which 200 registered an increase, 154 recorded a fall, while 23 remained unchanged.