Pakistan stocks shed 252 points in range bound session

Pakistan stocks shed 252 points in range bound session

KARACHI: Pakistan stocks ended down by 252 points on Thursday as a range bound session was witnessed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,242 points from previous day’s closing of 42,495 points, showing a decline of 252 points.

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Analysts at Arif Habib Limited said that a range bound session was observed at the stock market.

The benchmark KSE-100 index opened in the positive zone but sluggish activity was witnessed as investors opted for profit taking in the last trading hour which led the index to close in the red zone.

Volumes remained decent in the main board although hefty volumes were witnessed in the 3rd tier stocks.

READ MORE: Weekly Review: market likely to continue positive sentiments

Sectors contributing to the performance include Banks (-81.1 points), Fertilizer (-47.3 points), Technology (-43.1 points), Cement (-20.9 points) and E&P’s (-20.8 points).

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Volumes decreased from 373.2 million shares to 281.7 million shares (-24.5 per cent DoD). Average traded value also decreased by 41.1 per cent to reach US$ 35.6 million as against US$ 60.5 million.

Stocks that contributed significantly to the volumes are UNITY, KEL, WTL, CNERGY and GGL.

READ MORE: Pakistan stocks gain 357 points as rupee continues recovery

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