Stock market ends flat amid uncertainty on budget approval

KARACHI: The stock market ended flat on Wednesday amid uncertainty on approval of the federal budget 2019/2020.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 34,656 points from previous day’s closing of 34,682 points, losing 26 points.

Analysts at Topline Securities said that during the trading session index depicted a flattish trend closing in at 34,656 points in the absence of major news flow.

Uncertainty regarding budget approval continued to persist as the opposition leader in his speech today at National Assembly demanded major changes in the budget, declaring it as IMF influenced.

Expected hike in gas prices led gas distributing companies SSGC & SNGP to land in the positive territory; up in the range of 2.25-3.21 percent.

Out of total 333 active stocks, 189 stocks ended in red, while 123 stocks closed in the green whereas values of 21 scrips remained unchanged.

Trade volume witnessed attrition of 5 percent. Similarly, trade value declined by 15 percent. MLCF continue to remain the volume leader since the last five trading sessions.

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