Pakistan stocks gain 59 points in lackluster trading

KARACHI: Pakistan stocks on Thursday ended with a gain of 59 points in lackluster trading session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,825 points from previous day’s closing of 41,766 points, showing a gain of 59 points.

Analysts at Arif Habib Limited said that another slow session was witnessed at PSX today as rupee continued its devaluation against US dollar.

The exchange rate recorded a decline of Rs2 to end at Rs225.42 against the dollar on September 8, 2022 at interbank foreign exchange market.

The market continued to trade sideways after opening in the positive zone although economic and political unrest kept the investors on the sideline.

Volumes remained dry across the main board however value buying was recorded in the last trading hour.

Sectors contributing to the performance include Cement (+96.5 points), Technology (+20.8 points), Textile (+9.7 points), Chemical (+9.2 points) and Glass & Ceramics (+6.5 points).

Volumes increased from 92.9 million shares to 108.7 million shares (+17.0 per cent DoD). Average traded value also increased by 39.1 per cent to reach US$ 19.5 million as against US$ 14.0 million.

Stocks that contributed significantly to the volumes are MLCF, LOTCHEM, HASCOL, PIOC and FFL.