Stocks shed 167 points in range-bound session

KARACHI: Pakistan stocks has lost 167 points on Thursday in a range-bound session observed during the day.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,652 points from previous day’s closing of 41,819 points, showing a decline of 167 points.

Analysts at Arif Habib Limited said that a range-bound session was witnessed at the PSX during the day.

The market opened in the green zone but failed to maintain momentum since the investors chose to remain on the sidelines given country’s current macroeconomic situation, resulting in the benchmark KSE-100 index to close in the red.

Volumes on the mainboard dried up as activity remained subdued, though third-tier stocks remained in the spotlight.

Sectors contributing to the performance include Technology & Communication (-55.8 points), Commercial Banks (-36.7 points), Cement (-35.8 points), Power Generation & Distribution (-24.2 points), Pharmaceuticals (-21.2 points).

Volumes increased from 221.5 million shares to 227.8 million shares (+2.9 per cent DoD). The average traded value decreased by 30.8 per cent to USD 18.1 million as against USD 26.2 million.

Stocks that contributed significantly to the volumes are KOSM, HUMNL, HASCOL, and DFSM DCL.