PSX closes nearly flat above 180,100 points

Lack of fresh triggers keeps KSE-100 range-bound ahead of long weekend

KARACHI:

The KSE-100 Index ended the session on Thursday almost flat, closing over 180,100 points after shedding over 200 points as the market remained range-bound in the absence of fresh positive triggers.

The KSE-100 Index closed at 180,104 points, down 206 points (-0.11%) day-on-day, as the market remained largely range-bound amid a lack of fresh positive triggers, said Ahmed Sheraz of KASB KTrade.

Trading activity remained strong, with 388 million shares exchanged, while volume leaders included CNERGY, BOP, KEL and SSGC with 247 million, 16 million, 10 million and 8.7 million shares, respectively.

Market contributions remained mixed and came from across multiple sectors. On the positive side, FFC led with a contribution, followed by SRVI and HBL. On the negative side, ENGROH was the largest drag, followed by SYS and HMB.

Going forward, the market is likely to remain range-bound as investors await a fresh catalyst. Oil prices continue to hover around US$87-90/bbl, keeping sentiment cautious, while the absence of a clear positive trigger is limiting aggressive buying interest. A sustained move beyond the prevailing trading range will likely require a meaningful macroeconomic, corporate or geopolitical catalyst.

With Friday being a public holiday on account of Independence Day, the market will remain closed for the long weekend and resume trading on Monday. Investors are therefore likely to adopt a cautious stance ahead of the extended break, with direction expected to emerge once trading resumes and a fresh catalyst enters the market.