KARACHI: Pakistan stocks gained 117 points on Friday May 20, 2022 in lackluster session as investors’ participation remain dry.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed 43,100 points from last day’s closing of 42,983 points, showing a decline of 117 points.
Analysts at Arif Habib Limited said that the PSX witnessed a lackluster session today as investor participation remained dry.
The market opened by continuing weak momentum from the last trading session as investors opted to remain silent due to weakening of Pak rupee against US Dollars and build up political noise.
Volumes remained dry in main board throughout the day although hefty volumes were witnessed in 3rd tier stocks.
The Index closed at 43,100 points, up by 117 points (+0.27 per cent DoD). Sectors contributing to the performance include Banks (+39 points), Inv, Banks (+16.1 points), E&P (+14.2 points) and Cement (+10.0 points).
Volumes increased from 187.1 million shares to 189.9 million shares (+1.5 per cent DoD). Average traded value decreased by 24.7 per cent to reach US$ 19.1 million as against US$ 25.4 million.
Stocks that contributed significantly to the stocks are KEL, SILK, PAEL, PRL and WTL.
Cautious investor sentiment is likely to persist amid economic uncertainty, currency volatility, and ongoing political developments influencing overall market direction.
