Market watch: KSE-100 sheds 33 points in range-bound session

Benchmark index declines 0.07% to close at 48,093.53

KARACHI:

The Pakistan Stock Exchange experienced a sombre session on Thursday as the KSE-100 index traded in a narrow range and shed 33 points by the end of the day.

Investors resorted to profit-booking as the last market rally, which ended on Tuesday, had lifted prices to attractive levels. Moreover, a lack of triggers that could provide direction to the market caused the bourse to oscillate between positive and negative territories throughout the day.

Investors continued to weigh the impact of upcoming budget announcement scheduled for June 11 and resorted to cautious trading.

Earlier, trading began with a spike and the market climbed during initial hours. At midday, however, a selling spree emerged as investors began profit-taking which pulled the market into the red zone.

A last attempt was made to lift the KSE-100 index in the final hour, but late session selling made it unsuccessful and the market closed with a slight loss.

At close, the benchmark KSE-100 index recorded a decrease of 33.37 points, or 0.07%, to settle at 48,093.53.

In its report, Arif Habib Limited stated that the market traded in the positive zone for most part of the session. However, profit-booking in cement, bank, textile and exploration and production sectors brought the index down by 117 points. It closed the session down by 33 points.

Among oil and gas marketing companies, PSO inched up on expectation of release of funds whereas the steel sector performed on the possibility of reduction in duties in the upcoming FY22 budget.

Technology stocks experienced activity, among which TRG Pakistan and NetSol attracted investor interest, the report said.

Overall trading volumes dropped to 889.9 million shares compared with Wednesday’s tally of 1.05 billion. The value of shares traded during the day was Rs31.7 billion.

Shares of 428 companies were traded. At the end of the day, 229 stocks closed higher, 172 declined and 27 remained unchanged.

WorldCall Telecom was the volume leader with 135 million shares, losing Rs0.03 to close at Rs3.56. It was followed by First National Equities with 48.1 million shares, losing Rs0.76 to close at Rs8.92 and Invest Capital Investment Bank with 42.7 million shares, gaining Re1 to close at Rs3.74.