KARACHI: Pakistan stocks fell by 284 points on Wednesday in volatile trading because expectations of rate hike in upcoming policy announcement.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 45,533 points as compared with previous day’s closing of 45,817 points showing a decline of 284 points.
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Analysts at Arif Habib Limited said that PSX observed a range bound secession today, KSE-100 index remained volatile throughout the day due to expectation of rate hike in upcoming policy as KIBOR reached 13years high.
On the contrary, rally in the refinery sector was witnessed due to rumors regarding the approval of refinery policy.
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The last trading hour witnessed profit selling across the board which resulted in the secession ending in the red zone. Main board activity remained dull although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Fertilizer (-106.8 points), Technology (-61.7 points), Cement (-39.5 points), and Chemicals (-34.8 points).
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Volumes increased from 210.2 million shares to 223.8 million shares (+6.5 per cent DoD). Average traded value decreased by 10.3 per cent to reach US$ 30.1 million as against US$ 33.6 million.
Stocks that contributed significantly to the volume are CNERGY, PRL, GTECH, PAEL and TELE.
READ MORE: Stocks end down 100 points in range-bound trading
