Stocks gain remains thin in volatile session

Business Sep, 4 2024
Stocks gain remains thin in volatile session
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KARACHI: Pakistan Stock Exchange's benchmark KSE-100 Index ended with fractional gain, following roller-coaster ride with several ups and downs amid lack of positive triggers.

-100 swayed in both directions since start of session, touching an intra-day high of 78,644.96 and an intra-day low of 78,250.90 in first half. Second half saw range-bound trading, leading index to close with marginal gain. At close, benchmark index settled at 78,356.32, up by 73.02 points or 0.09 percent. Sectors that contributed negatively included banking, pharma, chemical, technology and textile. Meanwhile, E&P, auto, cement, power, OMCs and fertiliser sectors were positive contributors. Volume on all-share index decreased to 436.67 million from 457.28 million in last session. Value of shares declined to Rs 12.25 billion from Rs 15.87 billion in previous session. Kohinoor Spinning was volume leader with 83.94 million shares, followed by Symmetry Group Ltd with 37.13 million shares and Agha Steel Industries with 21.57 million shares. Shares of 443 companies were traded on Tuesday, of which 203 registered an increase, 167 recorded fall while 73 remained unchanged.

Globally, bond yields drifted higher on Tuesday, while currencies and Asia's stock markets steadied as investors waited on raft of data to determine how deeply US can cut interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan ticked 0.1 percent lower. Japan's Nikkei rose 0.7 percent and S&P 500 futures were flat.

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