Pakistan Stocks Experience 64-Point Decline in Range-Bound Trading

Pakistan Stocks Experience 64-Point Decline in Range-Bound Trading

Karachi, June 1, 2023: In a day marked by range-bound trading, Pakistan’s stock market witnessed a decline of 64 points on Thursday.

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) fell from its previous closing of 41,331 points to 41,267 points.

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According to analysts at Arif Habib Limited, the trading session at the PSX was characterized by a range-bound session. Despite opening in the green, the KSE-100 index swung in both directions throughout the day, ultimately closing in the red. Investor participation remained sluggish due to uncertainties surrounding the resumption of the IMF program. Additionally, volumes were dull, with the third-tier equities leading the market.

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The KSE-100 index concluded the day at 41,266.77, indicating a decline of 63.79 points, equivalent to a 0.15% decrease compared to the previous day. The sectors that contributed to this performance include Commercial Banks (-49.0 points), Food & Personal Care (-25.0 points), Fertilizers (-13.9 points), Textiles (-6.3 points), and Tobacco (-5.6 points).

The trading volume declined from 158.1 million shares to 100.0 million shares, representing a decrease of 36.8%. Furthermore, the average traded value witnessed a significant decrease of 53.2% from USD 21.6 million to USD 10.0 million.

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Among the stocks traded, GRR, WTL, CNERGY, GATM, and MLCF stood out for their substantial contribution to the trading volumes.

Thursday’s trading session in Pakistan’s stock market reflected a range-bound pattern, resulting in a decline of 64 points in the benchmark KSE-100 index. Investor participation remained sluggish amidst uncertainties, and volumes experienced a notable decrease. The market closed in the red, with several sectors contributing to the decline.

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