Stocks shed 47 points on inflation concerns

Stocks shed 47 points on inflation concerns

KARACHI: Pakistan stocks have declined by 47 points on Wednesday owing to inflation concerns following hike in domestic fuel prices.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,685 points as against 45,732 points, showing a decrease of 47 points.

READ MORE: KSE-100 index gains 88 points in range-bound trading

Analysts at Arif Habib Limited said that the market witnessed another range-bound session today due to inflationary concern arising from higher fuel prices.

Index opened on positive note at the start of trading session but closed with negative 46 points.

READ MORE: Stocks plunge 435 points on rising international oil prices

In cement sector, PIOC remained under pressure despite of financial result in line with market expectations. Main board activity remained dull.

In last trading hour, Investors opted for profit-taking which led the market to close in the red zone.

READ MORE: Stocks gain 139 points in range-bound trading

Sectors contributing to the performance include Commercial Banks (-28.1 points), Cement (-28.1 points), OMC (-12.4 points), E&P (-6.0 points) and Sugar (-4.5 points).

Volumes decreased from 274.6 million shares to 145.3 million shares (-47.1 per cent DoD). Traded value also decreased by 38.8 per cent to reach US$ 23.5 million as against US$ 38.5 million.

Stocks that contributed significantly to the volumes include KEL, WTL, FABL, HUMNL and BOP.

READ MORE: Stocks plummet by 400 points in dull trading

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