Karachi, June 14, 2023: Pakistan’s stock market experienced a modest decline of 24 points on Wednesday in a range-bound trading session.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) concluded at 41,514 points, marking a slight decrease compared to the previous day’s closing of 41,538 points.
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Market analysts at Arif Habib Limited noted that the PSX witnessed a session characterized by limited fluctuations throughout the day. The market initially showed promise, with an optimistic outlook fueled by the anticipation of the long-awaited 9th review of the International Monetary Fund (IMF) program, as the Pakistani Rupee continued to strengthen against the US Dollar.
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Throughout the day, investors remained actively engaged, particularly in the 3rd tier stocks, resulting in robust trading volumes. Notable sectors that influenced the market’s performance were Technology & Communication (-27.2 points), Power Generation & Distribution (-20.4 points), Food & Personal Care Products (-16.8 points), Fertilizer (-16.3 points), and Tobacco (-14.1 points).
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Trading volumes experienced a slight decline of 24.6 percent day-on-day, with shares traded increasing from 144.2 million to 179.6 million. The average traded value also decreased by 8.6 percent, reaching USD 13.1 million in contrast to the previous USD 14.3 million.
Significant contributions to the trading volumes were made by stocks such as TPLP, HASCOL, WTL, DFML, and SHEL.
READ MORE: Pakistan Stocks Maintain Positive Streak Amid Optimism Over IMF Program
Despite the modest dip in the stock market, the overall sentiment remained cautious yet stable. Market participants are closely monitoring the progress of the IMF program’s 9th review, which could potentially impact future market trends.
