Pakistan stocks drop by 180 points in dull trading

Pakistan stocks drop by 180 points in dull trading

KARACHI: Pakistan stocks dropped by 180 points on Thursday in a dull trading during the day as investors remained disappointed.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,694 points from previous day’s closing of 41,874 points, showing a decline of 180 points.

READ MORE: Pakistan benchmark index gains 58 points in mixed trading

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

The market opened in green zone and traded within a narrow range throughout the day reaching an intraday high of 244.99 points as investors await for the government and IMF to reach a staff level agreement (SLA).

READ MORE: KSE-100 index ends firmer amid political instability

Market participation remained dull due to the prevailing political uncertainty low volumes were recorded across the board as investor booked profit at the day end.

Sectors contributing to the performance include E&P’s (-114.0 points), Miscellaneous (-67.0 points), Technology & Communication (-21.8 points), Inv. Banks / Inv. Cos. / Securities Cos. (-20.2 points), and Power Generation & Distribution (-15.4 points).

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Volumes increased from 233.3 million shares to 234.7 million shares (+0.6 per cent DoD). The average traded value decreased by -11.5 per cent to USD 26.4 million as against USD 29.8 million.

Stocks that contributed significantly to the volumes are TELE, GGL, MLCF, TPLP and AGP.

READ MORE: Weekly Review: Foreign inflows to move Pakistan stocks