Stocks inch up in range bound trading

Stocks inch up in range bound trading

KARACHI: The stock market gained 54 points on Tuesday in a range bound trading observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,420 points from the previous day’s closing of 47,366 points.

Analysts at Topline Securities said that a range-bound session was observed at the exchange today with the KSE 100 Index printing an intra-day high of 47,596 and an intra-day low of 47,349 points.

Major positive contributors in today’s session were namely SYS, MARI, LUCK, PAEL & PPL who cumulatively added 117 points to the benchmark index while POL, MEBL, BAHL, PSMC & PIOC dragged the KSE 100 index lower by 71 points.

On the results front, PSMC announced a disappointing 2QCY21 EPS of Rs5.09 after which the stock succumbed to selling pressure.

KOHC also announced its FY21 EPS of 17.41 as compared to a FY20 LPS (2.21).

Volumes continued to remain depressed with the total traded volume and value clocking in at 377.19 million shares and Rs13.97 billion, respectively.

The volume leader for today was TELE with 41.59 million shares traded during the session.

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