KARACHI: Pakistan stocks ended flat on Tuesday amid continuous fall in value of Pakistani Rupee (PKR) against the dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,860 points from previous day’s closing of 41,859 points, showing a gain of one point.
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Analysts at Arif Habib Limited said that the market remained range bound throughout the day, due to concerns over rising inflation number.
The benchmark KSE-100 index opened in the positive zone however, investors’ participation remained sideways due to continuous rupee devaluation against US dollar.
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The US dollar continued its upward journey against Pakistani Rupee (PKR) on Tuesday and ended at Rs221.42 at the closing of interbank foreign exchange market.
The exchange rate recorded a decline of Rs1.56 in rupee value to end at Rs219.86 to the dollar from previous day’s closing of Rs219.86 in the interbank foreign exchange market.
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Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (+33.1 points), OMC’s (+31.3 points), Technology (+25.9 points), Automobile (+10.0 points) and Chemicals (+10.0 points).
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Volumes increased from 156.8 million shares to 187.3 million shares (+19.4 per cent DoD). Average traded value also decreased by 8.0 per cent to reach US$ 18.1 million as against US$ 19.7 million.
Stocks that contributed significantly to the volumes are HASCOL, PIAA, CNERGY, PRL and WTL.
