Stocks end flat amid dull, directionless trade

KARACHI: After cumulatively adding around 600 points in the first two days of the week, the Pakistan Stock Exchange (PSX) moved within a narrow range on Wednesday, closing the day on a flat note. 

“Market activity remained dull throughout the session, primarily due to the absence of a strong trigger. News regarding trade surplus did add a bit of excitement but selling pressure kept the prices in check. International crude oil prices also saw attrition during trading hours, which brought E&P stocks below yesterday’s closing prices,” said a report issued by Arif Habib Ltd.

The benchmark KSE-100 Index remained volatile throughout the day, registering its intraday high at 34,160.87 (+108.26 points) and intraday low at 33,937.63 (-114.98 points). It finally closed lower by 17.96 points at 34,034.65.

Among other indices, the KMI-30 Index gained 60.34 points to close at 54,599.12, whereas the KSE All Share Index lost 10.01 points, settling at 24,391.24. Of the total traded scrips, 101 advanced and 201 declined.

Article continues after this advertisement

The overall market volumes appreciated from 159.95 million shares in the previous session to 195.64 million. Average traded value increased by meagre 1pc, from $33.5 million to $34.6 million. TRG Pakistan Limited (TRG -1.15pc), Unity Foods Limited (UNTIY -1.11pc) and Pakistan Refinery Limited Right shares (PRLR1 -12.28pc) topped the volume chart. The scrips had exchanged 16.40 million, 12.64 million and 11.83 million shares, respectively.

Sectors that brought positivity to the index included investment banking (+46.32 points), food and personal care (+26.85 points) and fertilizer (+25.23 points). On the other hand, oil & gas exploration (-36.25 points), banking (-24.45 points) and power generation & distribution (-14.89 points) sectors remained negative contributors.

Shedding 1.01pc from its cumulative market capitalization, the automobile assembling sector turned out to be the biggest loser of the day, with Indus Motor Company Limited (INDU -0.80pc), Atlas Honda Limited (ATLH -2.34pc) and Millat Tractors Limited (MTL -1.31pc) closing in the red.

- Advertisement -
Ariba Shahid
The author is a business journalist at Profit. She can be reached at [email protected] or at twitter.com/AribaShahid
- Advertisement -

Must Read

No sugar smuggling to Afghanistan: USC

Utility Stores Corporation (USC) denied all claims of sugar being smuggled to Afghanistan. USC rejects the claims on the basis that the reports suggest around...