KARACHI: Pakistan stocks declined by 94 points on Wednesday due to continuous depreciation in value of Pakistani Rupee (PKR) against the dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,766 points from previous day’s closing of 41,860 points, showing a decline of 94 points.
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Analysts at Arif Habib Limited said that the PSX observed a range bound session today due to continuous depreciation of PKR against US dollar.
The local currency witnessed a continuous decline against the greenback. The rupee ended at Rs223.42 to the dollar at interbank closing on September 7, 2022.
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The analysts said that the benchmark KSE-100 index despite opening in the positive zone failed to continue the momentum as investors’ participation remained sluggish that led the index to close in the red zone.
Volumes continued to decline in the main board although decent volumes were observed in the 3rd tier stocks.
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Sectors contributing to the performance include Fertilizer (-32.8 points), Banks (-21.3 points), Technology (-17.5 points), Cement (-16.8 points) and E&P’s (-16.3 points).
Volumes decreased from 187.3 million shares to 92.9 million shares (-50.4 per cent DoD). Average traded value also decreased by 21.4 per cent to reach US$ 14.1 million as against US$ 18.0 million.
Stocks that contributed significantly to the volumes are HASCOL, PRL, CNERGY, UNITY and TPLP.
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