Pakistan equities end down 53 points amid high inflation

Pakistan equities end down 53 points amid high inflation

KARACHI: Pakistan equities ended down by 53 points on Wednesday after high inflation reading turned investors’ sentiments to negative.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,620 points from previous day’s closing of 40,672 points, showing a decline of 53 points.

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Analysts at Topline Securities said that Pakistan equities closed slight negative where benchmark KSE100 Index settled at 40,619 level (down 0.13 per cent).

After a positive opening profit taking has been witnessed at the bourse today as Investor remain cautious over higher inflation as CPI for the month of January 2023 clocked in at 27.6 per cent YoY as compared to 24.5 per cent in December 2022.

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On Month on Month (MoM) basis further expectation of another hike in oil prices, increase of electricity and gas tariffs on the cards also dented the investors sentiments.

Which led the market to make an intraday high of 312 points and a low of 61 points. PPL, TRG, LUCK, SYS and FFC dented the KSE100 Index most by 60 points cumulative.

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Traded volume and value for the day stood at 130.91 million shares (-15 per cent) and Rs5.87 billion (-20 per cent) on DoD basis, respectively. PPL was today`s volume leader with 9.46 million shares.

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