Pakistan stocks shed 40 points in range bound trading

Pakistan stocks shed 40 points in range bound trading

KARACHI: Pakistan stocks shed 40 points on Tuesday in range bound trading session during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 40,878 points from previous day’s closing of 40,918 points, showing a decline of 40 points.

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Analysts at Arif Habib Limited said that a range bound session was recorded at the PSX during the day.

The market opened in the red zone but traded in both directions as investors chose to be cautious due to ongoing political and economic worries.

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Investors participation remained dull awaiting clarity on the IMF front, as volumes in the mainboard dried up while 3rd tier stocks continued to dominate the volume board.

Sectors contributing to the performance include Miscellaneous (-55.0 points), Commercial Banks (-27.4 points), Cement (-18.6 points), Tobacco (7.7 points), and Paper & Board (-15.6 points).

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Volumes decreased from 195.5 million shares to 142.8 million shares (-26.9 per cent DoD). The average traded value also decreased by -16.5 per cent to USD 14.7 million as against USD 17.6 million.

Stocks that contributed significantly to the volumes are WTL, CNERGY, UNITY, PAEL and HASCOL.

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