The Pakistan Stock Exchange ended nearly flat on Wednesday, with the benchmark KSE-100 index shedding 9.5 points, or 0.02 per cent, by the close of the trading session to reach 45,908.
The index reached the day’s high at 46,107 points soon after trading opened; however it soon descended to the day’s low of 45,858 as the index came under pressure. It see-sawed throughout the day before closing flat for the session.
“Start to the day was on a positive note with oils leading gains tracking higher global crude [prices] and helping the index retest the important resistance level of 46,100,” reported Elixir Securities.
“The index, however, couldn’t sustain its morning run and erased all gains by day’s close as participants, likely wary of [the] uncertain direction of market, chose to book profits,” it added.
Trading activity was led by textile scrips, with 27.4 million shares traded during the session. The oil and gas marketing sector and engineering sector followed with 20.4mn and 15.8mn respectively.
A JS Global report termed the activity at the bourse as “lackluster”, noting that the index traded between an intraday high of +189 points and low of -60 points owing to jitters from political circles.
“Despite the dull activity, the market appeared to consolidate as prices have fallen to extremely attractive levels,” the report read.
A total of 66.8mn shares of KSE-100 index companies changed hands in the session, with a total worth of nearly Rs5.6 billion.
Stocks of 365 companies in all were traded, of which 137 gained in value, 209 declined and 19 remained unchanged.
Volumes were led by:
Azgard Nine: 22.8m shares traded [+5.98pc];
Sui South Gas: 16.7m shares traded [+1.28pc];
Dewan Motors: 11.1m shares traded [-3.12pc].
TRG Pak Ltd: 10.0m shares traded [-1.38.pc];
Dewan Cement: 7.1m shares traded [+0.76pc];