KSE-100 Index declines by 185 points in range bound trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) declined by 185 points on Tuesday in a range bound trading during the day.

The benchmark KSE-100 index ended at 40,631 points from previous day’s closing of 40,816 points, showing a decline of 185 points.

Analysts at Arif Habib Limited said that the range-bound session was witnessed at the PSX during the day.

The market opened in a positive zone but the lack of investor participation plunged the KSE 100 index dived into the red and traded in a narrow range throughout the trading session.

Market participation was comparatively lower than the previous session as volumes remained good in the main board however, decent volumes were recorded in the 3rd tier stocks.

Sectors contributing to the performance include Cement (-60.4 points), Commercial Banks (-53.1 points), Power Generation & Distribution (-27.5 points), Tobacco (-14.6 points), and Pharmaceuticals (-14.2 points).

Volumes decreased from 242.2 million shares to 201.1 million shares (-17.0 per cent DoD). The average traded value also decreased by 31.8 per cent to USD 21.9 million as against USD 32.1 million.

Stocks that contributed significantly to the volumes are HASCOL, WTL, SNGP, ASCR2, and DFSM.