Karachi: Pakistan Stock Exchange (PSX) saw range-bound trading session as KSE-100 Index traded in narrow range to close with loss. Weakening macroeconomic cues and rising political noise played on minds of investors and volumes remained thin. At close, KSE-100 Index was down 87.65 points or 0.21 percent to settle at 41,029.67. Trading began downward and market fell steadily for most part of day. Cherry picking in final hour eroded few of losses.

Automobile, chemical and banking sectors closed with loss while oil and cement space ended day on mixed note. Sectors painting benchmark KSE-100 index in red included technology and communication (114.48 points), banking (29.91 points) and textile composite (21.43 points).

Volume on all-share index inched up to 125.3 million from 105.6 million on Wednesday, while value of shares traded rose to Rs 4.1 billion from Rs 2.6 billion recorded in previous session.

Gul Ahmed was volume leader with 10.7 million shares followed by Pak Refinery with 8.4 million shares and WorldCall Telecom with 8.1 million shares. Shares of 324 companies were traded of which 110 registered an increase, 184 recorded fall and 25 remained unchanged.

Report from Arif Habib Limited stated, “Benchmark KSE-100 index opened in green, but due to rupee-dollar parity, market had volatile activity and ended day in red.”. “Investors are assuming cautious attitude to rumors about new taxes in forthcoming budget.”

Report from Capital Stake highlighted, “Indices oscillated between both zones until finally closing flat, while volumes appreciated from last close.” “Market’s poor performance is attributed to ongoing fragile political situation.”

Published in The Daily National Courier, May, 26 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.