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The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday and the KSE-100 index rose 0.14%.
Trading was disrupted by a lack of positive economic developments and political uncertainty.
KSE-100 closes marginally lower after mixed session
At Wednesday’s close, the KSE-100 index rose 57.61 points or 0.14% to close at 41,874.04.
Trading started on a mixed note and the market remained in the red in the opening hours. After midday, the market rallied and closed with marginal gains.
Automotive, cement and banking segments closed in green while chemical and fertilizer space closed in 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 clash in the early hours of the morning, adding to the political turbulence.
On the economic front, the rupee remained under pressure against the US dollar for a third straight session, depreciating Re0.5 or 0.20% in the interbank market on Wednesday to settle at 282.85.
A report from Arif Habib Limited states that a positive session was observed on the PSX.
“The market opened in the red losing 209.39 points following the ongoing political turbulence in the country. Bulls quickly boosted the index and went on to touch an intraday high of 193.69 points as investors opted to pick up strong underlying stocks given the attractive valuations on offer in the market.
Volume remained robust across the board, while the cement sector remained the focus, it said.
A report from Capital Stake said another round of choppy trading continued on the PSX on Wednesday.
“Indices have swung both ways, while volume has picked up since the last close,” the report said. “The turmoil on the political front and delays in the International Monetary Fund (IMF) program have dented investor confidence.”
Sectors driving the benchmark KSE 100 index north include cement (118.50 points), banking (20.63 points) and engineering (19.20 points).
Volume on the all-stock index rose to 233.3 million from 185.3 million on Tuesday. The value of traded stocks rose to Rs8.4 billion from Rs6.7 billion seen in the previous session.
Maple Leaf Cement was the volume leader with 32.9 million shares, followed by Hascol with 12.3 million shares and WorldCall Telecom with 11 million shares.
Shares of 334 companies were traded on Wednesday, of which 197 recorded an increase, 113 recorded a decrease, and 24 remained unchanged.
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