KARACHI: Pakistan stocks ended down by 89 points on Thursday after the rupee depreciation eroded confidence of investors.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,137 points from previous day’s closing of 42,226 points, showing a decline of 89 points.
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Analysts at Arif Habib Limited said that the stock market had a mixed trading session during the day.
The market started out strong, but the Pak rupee’s weakening against the US dollar eroded investor confidence and caused profit-taking, triggering the index to close down. Mainboard volumes were decent on the contrary 3rd tier stocks remained in the limelight.
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Sectors contributing to the performance include Technology & Communication (-56.7 points), Cement (-30.0 points), Commercial Banks (-24.4 points), Food & Personal Care Products (-19.8 points) and E&P’s (-18.1 points).
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Volumes increased from 250.2 million shares to 267.5 million shares (6.9 per cent DoD). The average traded value decreased by -5.7 per cent to USD 28.4 million as against USD 30.1 million.
Stocks that contributed significantly to the volumes are HASCOL, KEL, GTECH, GGL and WTL.
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