Karachi: Pakistan Stock Exchange (PSX) KSE-100 index witnessed another volatile session as benchmark KSE-100 Index ended day flat, while both volume and value of shares traded improved from last close.

Trading began on positive note, with benchmark index reaching an intra-day high of 39,904.75, up by 240 points during initial hours. Investors rejoiced after central bank raised its policy rate by only 1 percent, lower than market expectation, which was anticipating rate hike of around 1.5 percent to 2 percent. By end of day, KSE-100 Index settled with an increase of 29.89 points to close at 39,717.15.

“Investor’s participation remained sluggish owing to ongoing political noise in country,” report added.

Volumes remained low, while selling pressure in final hours pulled market downwards.

Mixed activity was witnessed in index-heavy sectors including automobile, cement, chemical, banking and oil. Volume in main board remained dry while third-tier companies continued to dominate volume board, it added. Sectors driving benchmark index upwards included, miscellaneous (17.40 points), chemical (9.68 points) and power generation and distribution sector (7.69 points).

Volume on all-share index increased to 86.7 million from 83.3 million on Tuesday while value of shares traded surged to Rs 2.4 billion from Rs 2.4 billion recorded in previous session.

Silk Bank Limited was volume leader with 11 million shares followed by WorldCall Telecom with 5.7 million shares and Telecard Limited with 5.3 million shares.

Shares of 306 companies were traded on Wednesday of which 136 registered an increase, 140 recorded fall and 30 remained unchanged.

Published in The Daily National Courier, April, 06 2023

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