Stocks gain 139 points in range-bound trading

Stocks gain 139 points in range-bound trading

KARACHI: Pakistan’s stocks gained 139 points on Friday as the market witnessed range-bound trading during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,079 points as against previous day’s closing of 45,940 points, showing an increase of 139 points.

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Analysts at Arif Habib Limited said that the market stayed range-bound today as sustainability concerns arise over psychological level of 46,000.

Cement sector stayed under pressure due to higher international coal prices.

PSO stayed under pressure due to zero payout (cash dividend or bonus) in the financial result.

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Index level of 46,000 was unable to digest by the investors as profit taking was observed across the board in the last trading hour.

Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

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Sectors contributing to the performance include Banks (+121.6 points), Misc (+26.8 points), Automobile (+21.3 points), Cement (+18.0 points) and Technology (+17.7 points).

Volumes decreased from 286.0 million shares to 170.6 million shares (-40.3 per cent DoD). Traded value also decreased by 16.7 per cent to reach US$ 44.2 million as against US$ 53.1 million.

Stocks that contributed significantly to the volumes include KEL, WTL, TRG, TELE and TPLP.

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