Pakistan stocks trade range bound amid PTI chief disqualification

Pakistan stocks trade range bound amid PTI chief disqualification

KARACHI: Pakistan stocks remained traded in range bound on Friday owing to disqualification of PTI chief by the Election Commission.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,213 points from previous day’s closing of 42,137 points, showing a gain of 76 points.

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Analysts at Topline Securities said that KSE 100 Index largely remained range bound during the trading hours as the index gained to make an intraday high of 108 points and intraday low of -343 points to finally close at 42,214 level.

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Market opened on a negative note in second half of trading session on news that election Commission of Pakistan (ECP) has disqualified PTI chief Imran Khan for making false statements and incorrect declaration, triggering protests in various cities, however value buying came in closing hours of the trade as index managed to close in the green zone.

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Major contribution to the index came from HUBC, ENGRO, MCB, MARI & RMPL, as they cumulatively contributed 98.3 points to the index, on the flip side PSO, FFC, FATIMA, MTL & UBL lost value to weigh down on the index by 42 points.

Traded volume and value for the day stood at 290 million shares and Rs.7.87 billion respectively. WTL was today`s volume leader with 31 million shares.

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