KARACHI: The Pakistan Stock Exchange (PSX) started the trading session on a positive note, but retraced its intraday gains to close in the red zone.
On the economic front, the Pakistani Rupee continued its slow slide against the US Dollar and fell from 140.89 in the previous session to close at 141.09. Meanwhile, according to the latest data released by the Pakistan Bureau of Statistics (PBS), the Consumer Price Index (CPI) inflation touched a five-year high at 9.41pc. Inflation increased by 1.42pc over the month of March.
After gaining 202.89 points, the KSE 100 index benchmark touched its day’s high of 38,557.74. However, the index failed to sustain gains and dipped by 422.56 points, touching an intraday low of 37,932.29. It finally closed lower by 318.82 points at 38,036.03. The KMI 30 index declined by 508.97 points to end at 62,201.30, whereas the KSE All share index drowned by 241.08 points, settling day at 27,774.07.
Trading volumes improved from 65.86 million in the preceding session to 144.56 million. K-Electric Limited (KEL -2.96pc) and Unity Foods Limited (UNITY +5.24pc) led the volume chart with 8.85 million shares and 6.59 million shares exchanging hands respectively.
The power generation and distribution sector lost 1.71pc from its cumulative market capitalization. K-Electric Limited (KEL) was down by 2.96pc, Kot Addu Power Company Limited (KAPCO) by -1.51pc and Kohinoor Energy Limited (KOHE) by -2.13pc.
Hub Power Company Limited (HUBC -1.49pc) also closed the session negative. The company has decided to raise equity worth Rs7 billion, according to a notification sent to the exchange. The purpose of the right issue was to increase investment stake in China Power Hub Generation Company from 26pc to 47.5pc.
The food and personal care products sector (-2.39pc), insurance sector (-2.36pc), investment banking sector (-2.27pc), close-end mutual fund sector (-2.24pc), leasing sector (-2.23pc) and oil and gas marketing sector (-1.91pc) ended the session as top losers.
