Karachi: Pakistan Stock Exchange (PSX) endured topsy-turvy trading session and KSE-100 Index retreated 0.64 percent owing to further depreciation in rupee. Weakening macroeconomic cues dented investor sentiment and sparked negativity at equity market. At end of session, KSE-100 Index was down 262.35 points to close at 40,471.16.

Sectors painting benchmark KSE-100 index in red included miscellaneous (77.70 points), fertiliser (51.67 points) and banking (43.67 points). Volume on all-share index fell to 105.1 million from 124.1 million on Thursday. Value of shares dropped to Rs 4.2 billion from Rs 6.1 billion recorded in previous session.

Hub Power was volume leader with 7.9 million shares followed by Cnergyico with 7.5 million shares and Dewan Motors with 5.7 million shares.

Shares of 320 companies were traded of which 116 registered an increase, 182 recorded fall and 22 remained unchanged.

Report from Arif Habib Limited stated that week wrapped on sombre note for PSX, as market closed in red at closing bell. “Benchmark KSE-100 index had range-bound opening session as investors’ activity remained sluggish owing to prevailing ambiguous political environment in country.

Second session began with same negative sentiments, with dollar pounding rupee in inter-bank market, further eroding investor confidence as index hit an intraday low of 403.76 points.”

“Indices slipped lower and lower for most part of day while volumes dwindled from previous close,” it said.

Published in The Daily National Courier, February, 04 2023

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