KARACHI: Pakistan stocks gained 38 points in range bound trading activity on Tuesday due to concerns of high inflation and tightening of money supply.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,078 points from previous day’s closing of 43,040 points, showing a gain of 38 points.
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Analysts at Arif Habib Limited said that the market remained range bound throughout the day, due to concerns over rising inflation number and tightening of money supply.
The benchmark KSE-100 index opened in the positive zone but lackluster activity was witnessed during the day.
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Volumes remained dry in the main board although hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Power (+64.2 points), E&P’s (+56.8 points), Technology (+21.7 points), Autos (+20.1 points) and Fertilizer (+16.4 points).
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Volumes increased from 187.5 million shares to 285.3 million shares (+52.2 per cent DOD). Average traded value also decreased by 20.7 per cent to reach US$ 37.2 million as against US$ 30.8 million.
Stocks that contributed significantly to the volumes are SILK, PIBTL, PRL, PAEL and WTL.
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