Stocks gain 48 points amid lackluster trading

Stocks gain 48 points amid lackluster trading

KARACHI: The stocks have gained 48 points on Monday as lackluster trading activities prevailed during the day. The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,281 points as against last Friday’s closing of 43,233 points.

Analysts at Arif Habib Limited said that the market remained lackluster during the entire trading session, the bear remained active in the market today by pushing investors on the sideline in continuation to the concerns towards Current Account Deficit (CAD) and higher inflation along with an indication of higher interest rates in the upcoming monetary policy.

READ MORE: July-Oct current account deficit widens to $5.08 billion

The market opened on a positive note but activity remained sluggish during the day due to volatility in the index but managed to close positive at the day end. Selling pressure seems to subside at current levels and the market may witness good flows moving forward.

Sectors contributing to the performance include E&P (+124 points), Technology (+83 points), Power (+26 points), Chemical (+10 points) and Cement (+8 points).

Volumes decreased from 287.7 million shares to 176.9 million shares (-38.5 per cent DoD). Traded value also decreased by 40.8 per cent to reach US$ 34.5 million as against US$ 58.2 million.

Stocks that contributed significantly to the volumes include WTL, TELE, TRG, UNITY and HASCOL.

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