KSE-100 index up 216 points in range-bound trading

KSE-100 index up 216 points in range-bound trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 216 points on Wednesday amid range-bound trading.

The index closed at 44,260 points as against previous day’s closing of 44,044 points showing an increase of 2216 points.

Analysts at Arif Habib Limited said that the market continued to remain range-bound due to the roll-over week.

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Profit-taking was witnessed in the first trading hour while market battled between the bulls and bears throughout the day.

Refinery sector remained in the limelight as the Government and top management of refineries will discuss a new policy path on oil refining industry.

Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

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Sectors contributing to the performance include Pharmaceuticals (+31 points), Oil & Gas Marketing Companies (+39 points), Power Generation & Distribution (+28 points) Refinery (+23 points) and Textile Composite (+23 points).

Volumes increased from 143.4 million shares to 271.1 million shares (+89.0 per cent DoD). Traded value also increased by 63.5 per cent to reach US$ 45.8 million as against US$ 28.0 million.

Stocks that contributed significantly to the volumes include CNERGY, WTL, KEL, TRG and DSIL.

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