Karachi: Pakistan Stock Exchange (PSX) remained under grip of pessimism as KSE-100 Index declined 0.15 percent in turbulent trading session. Lack of development over resumption of International Monetary Fund programme kept investors on sidelines.

KSE-100 index closed trading session at 41,266.77, decrease of 63.79 points. KSE-100 Index declined sharply in early hours. It turned range-bound for remaining part of session and closed with loss.

Cement, banking, fertiliser and chemical sectors ended day in red while automobile segment saw buying activity and closed with gains. On other hand, oil sector closed on mixed note.

Sectors pushing benchmark KSE-100 index towards negative zone included banking sector (56.29 points), food and personal care products (26.62 points) and textile composite (10.00 points).

Volume on all-share index fell to 99.95 million from 158.1 million on Wednesday, while value of shares traded plunged to Rs 2.9 billion from Rs 6.2 billion recorded in previous session.

Globe Residency was volume leader with 10.8 million shares followed by WorldCall Telecom with 9.8 million shares and Cnergyico PK with 5.3 million shares. Shares of 303 companies were traded of which 134 registered an increase, 134 recorded fall and 35 remained unchanged.

Report from Arif Habib Limited stated, “Investor’s participation remained sluggish in wake of uncertain speculations regarding resumption of IMF programme.” Volumes remained dull while third tier equities led board, report added.

Report from Capital Stake highlighted, “Indices traded in both zones until finally closing flat, while volumes dropped from last close.”

Published in The Daily National Courier, June, 02 2023

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