KSE-100 closes lower, sheds 91pts

Business Aug, 29 2024
KSE-100 closes lower, sheds 91pts
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KARACHI: Pakistan Stock Exchange's benchmark KSE-100 Index closed marginally lower by 91 points as index failed to sustain intra-day gains amid lack of positive triggers.

KSE-100 started session positive, hitting an intra-day high of 78,334.61, followed by selling spree in latter hours. Bulls managed to regain their position in second half, but again fell prey to late-session selling. At close, benchmark index settled at 77,992.78, down by 91.45 points or 0.12 percent.  During day, BAHL, HINOON, PKGS, MCB and HUBC contributed negatively by losing 104 points, cumulatively. On flip side, MARI, ENGRO and FFC saw some buying interest as they added 162 points, according to report. Volume on all-share index marginally increased to 636.02 million from 591.51 million. However, value of shares decreased to Rs 16.27 billion from Rs 17.12 billion in previous session. Kohinoor Spinning was volume leader with 124.73 million shares, followed by Fauji Foods Ltd with 39.28 million shares and Yousuf Weaving with 34.90 million shares. Shares of 452 companies were traded on Wednesday, of which 140 registered an increase, 260 recorded fall while 52 remained unchanged. Global stocks were poised near record highs on Wednesday, with next move riding on results at chipmaking market darling Nvidia, while sterling notched 2-1/2 year high as traders bet that Britain will lag US in cutting interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.4 percent. Japan's Nikkei fell 0.2 percent.

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