The Pakistan Stock Exchange (PSX) recorded a range-bound session on Wednesday and the KSE-100 Index fell 0.06% owing to lack of investor participation.
By the end of the session, the KSE-100 Index closed with a loss of 24.96 points or 0.06% at 42,348.63.
Trading began with a rise however, the KSE-100 Index failed to sustain the rising trend and descended towards midday. From this point onward, the market traded in a narrow range to end marginally downward.
KSE-100 stages turnaround, rises 0.72%
Index heavy automobile and banking sectors recorded modest losses while mixed activity was recorded in cement and oil spaces. On the other hand, the fertiliser segment closed in green.
A report from Arif Habib Limited stated that a range-bound session was witnessed at the PSX.
“The market opened in the green zone but the lack of investors’ participation dive the index down into the red zone and continued to trade in the same zone for most of the trading session,” it said. “Market participation was approximately lower than the previous session as volumes remained dry in the main board however, decent volumes were recorded in the third tier stocks.”
A report from Capital Stake stated PSX ended a range-bound session on Wednesday flat.
“Indices swung in both directions, while volumes fell from last close,” it said.
On the economic front, rupee remained stable on Wednesday and closed unchanged against the US dollar for a second successive day at Rs223.95.
Sectors dragging the benchmark KSE-100 lower included banking (80.29 points), power generation and distribution (18.24 points) and technology and communication (17.57 points).
Volume on the all-share index dropped to 120.2 million from 139.2 million on Tuesday. The value of shares traded fell to Rs4.7 billion from Rs5.1 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 8.5 million shares, followed by NIshat Chunian with 6.6 million shares and Dewan Motors with 5.8 million shares
Shares of 334 companies were traded on Wednesday, of which 153 registered an increase, 156 recorded a fall, and 25 remained unchanged.