Karachi, August 22, 2023 – Pakistan stocks saw a modest decline of 30 points on Tuesday as it traded within a relatively narrow range throughout the day.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) concluded the day at 47,418 points, down from the previous day’s closing level of 47,448 points.
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Analysts at Ismail Iqbal Securities noted that the equity market remained rangebound on this particular day, lacking significant positive catalysts to propel it higher. However, the energy sector captured investors’ attention due to expectations surrounding the resolution of circular debt issues.
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The trading volume for the day amounted to 186 million shares, showing a slight decrease compared to the 211 million shares traded in the previous session.
In terms of sector performance, power generation and distribution, fertilizer, and commercial banks were among the major contributors to the market’s decline, collectively shedding 71 points from the index.
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While the day may have seen a marginal dip in stock prices, market sentiment continues to be influenced by various factors, including economic indicators, corporate earnings reports, and global economic conditions. Investors and analysts will be closely monitoring these factors in the coming days to gauge the market’s direction and potential opportunities for growth.
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