KARACHI: Pakistan stocks gained 71 points on Wednesday in a range bound session trading during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,460 points from previous day’s closing of 40,389 points, showing an increase of 71 points.
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Analysts at Arif Habib Limited said that the market witnessed a range bound session today.
“The benchmark KSE-100 index remained sideways due to continuous Pak rupee devaluation against US dollar and political unrest,” they added.
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The local currency continued its free-fall against the dollar and hit fresh low at Rs224.92 to the greenback on Wednesday at closing of interbank foreign exchange market.
The volumes remained dry although the last trading hour witnessed value buying in the E&P sector.
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Sectors contributing to the performance include E&P (+73.3 points), Banks (+29.0 points), OMC’s (+15.8 points), Power (+13.6 points) and Technology (11.8 points).
Volumes decreased from 194.9 million shares to 141.7 million shares (-27.3 per cent DoD). Average traded value also decreased by 22.2 per cent to reach US$ 20.0 million as against US$ 25.7 million.
Stocks that contributed significantly to the volumes are TPLP, WTL, CNERGY, UNITY and PRL.
