KSE-100 ends negative in range-bound session

Two investors can be seen looking at the stock board at the Pakistan Stock Exchange. — AFP/File
  • KSE-100 index faced both bullish and bearish pressures.
  • Trading volumes decline to 518.04 million shares.
  • Shares of 360 companies were traded during the session.

 KARACHI: The Pakistan Stock Exchange endured a range-bound trading session on Tuesday as the benchmark KSE-100 index faced both bullish and bearish pressures but ended the day on a negative note.

The trading session started on a positive note but it registered a sharp decline around midday as investors weighed the impact of discouraging economic cues.

Discouraging financial results of companies coupled with the government’s decision to increase the price of petrol dented investors’ sentiment.

Moreover, the release of dismal remittances data that showed a decline of over 8% on a month-on-month basis dented the confidence of investors, leading to profit-taking later in the day.

At close, the benchmark KSE-100 index closed at 43,436.48 points with a decrease of 185.34 points or 0.42%.

A benchmark KSE-100 index intra-day trading curve. — PSX data portal
A benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited noted that the market observed a range-bound session today.

The benchmark KSE-100 index opened in the positive zone although investors opted to book profit which resulted in the index closing in the red.

“The refineries and exploration and production sectors remained in the limelight due to result announcement during the day,” the brokerage house stated, adding that investors’ participation remained healthy whereas hefty volumes were witnessed in the third-tier stocks.

Sectors contributing to the performance included miscellaneous (-58.1 points), technology (-52.2 points), exploration and production (-25.3 points), automobile assemblers (-24 points), and oil marketing companies (-21.3 points).

Shares of 360 companies were traded during the session. At the close of trading, 134 scrips closed in the green, 208 in the red, and 18 remained unchanged.

Overall trading volumes declined to 518.04 million shares compared with Monday’s tally of 541.54 million. The value of shares traded during the day was Rs16.21 billion.

Cnergyico was the volume leader with 44.62 million shares traded, losing Rs0.17 to close at Rs5.59. It was followed by Fauji Foods with 38.02 million shares traded, gaining Rs0.18 to close at Rs7.25 and Unity Foods with 32.88 million shares traded, gaining Rs0.61 to close at Rs22.80.

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