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The Pakistan Stock Exchange (PSX) witnessed a moderate session on Wednesday and the KSE-100 index rose 0.14%.
Business is marred by the lack of positive developments on the economic front and political uncertainty.
KSE-100 closes with marginal loss after consolidation period
At close on Wednesday, the KSE-100 Index recorded an increase of 57.61 points or 0.14% to close at 41,874.04.
Trading started on a mixed note and the stock was in the red in the early hours. After midday, the market went up and closed with a flat gain.
The automobile, cement and banking sectors closed in the green while the chemical and fertilizer sector closed mixed. On the other hand, the oil sector closed in the red.
On the political front, the police and Pakistan Tehreek-e-Insaf (PTI) workers continued to face clashes in the early hours of the day, adding to the political chaos.
On the economic front, the rupee came under pressure against the US dollar for the third consecutive time, declining Re0.5 or 0.20% in the banking market on Thursday to settle at 282.85.
A report from Arif Habib Limited said that a positive session has been recorded at PSX.
“The stock opened in the red losing 209.39 points following the ongoing political unrest in the state. Bulls quickly accelerated the index and continued to make an intraday high of 193.69 points as investors cherry picked strong fundamental stocks given the attractive prices being offered in the market. “
Volumes are strong across the mainboard while complex cement remains in the spotlight, he said.
A report from Capital Stake said another round of volatile trading continued at PSX on Wednesday.
“Indices swing both ways while volumes appreciate from last close,” he said. “Unrest on the political front and delays in the International Monetary Fund (IMF) program undermined investor confidence.”
The sectors driving the benchmark KSE 100 index north include cement (118.50 points), banking (20.63 points) and technology (19.20 points).
Volume on the index rose to 233.3 million from 185.3 million on Tuesday. The amount of shares traded increased to Rs8.4 billion from Rs6.7 billion recorded in the previous period.
Maple Leaf Cement is the volume leader with 32.9 million shares followed by Hascol with 12.3 million shares and WorldCall Telecom with 11 million shares.
The shares of 334 companies were sold on Wednesday, of which 197 registered an increase, 113 recorded a fall and 24 did not change.
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