Stocks make slight gain amid rupee devaluation

Stocks make slight gain amid rupee devaluation

KARACHI: Pakistan stocks made slight gain on Thursday as the market under pressure due to decline in rupee value against the US dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,898 points from previous day’s closing of 42,863 points, showing a gain of 35 points.

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Analysts at Arif Habib Limited said that the KSE-100 opened negative and remained under pressure due to prevailing uncertain economic issues and continued decline of Pak Rupee against the US dollar kept the investors at bay.

The bench mark KSE-100 index opened in the green zone and remained volatile throughout the day, but in the last trading hour investor opted for value hunting that helped the index to close in positive territory.

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Main board activity remained dull whereas, hefty volumes were observed in 3rd tier stocks.

The Index closed at 42,898.44 points, up by 32.29 points (+0.08 per cent DoD). Sectors contributing to the performance include Cement (+56.3 points), Chemical (+24.8 points), OMC’s (+15.4 points), and Technology (+14.9 points).

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Volumes decreased from 338.5 million shares to 284.5 million shares (-16.0 per cent DoD). Average traded value also decreased by 18.2 per cent to reach US$ 40.7 million as against US$ 50.0 million.

Stocks that contributed significantly to the volumes are TREET, TPLP, TELE, WTL and GGL.

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