The Pakistan Stock Exchange (PSX) experienced a tepid trading session on Thursday and the KSE-100 index rose 92 points however absence of any significant development capped gains.
Trading kicked off at a positive note and the market inched closer to the 44,500 point barrier in early hours however economic uncertainty erased few of the gains by midday.
From this point on, the market remained largely range bound but still it managed to end the day on an optimistic note. At close, the benchmark KSE-100 index recorded an increase of 91.94 points or 0.21% to settle at 44,266.91.
Market opened in the green zone as SBP raised Rs158 billion through PIBs, hefty participation indicating yields to stay at the same level in the near future. Market battled between the bulls and bears throughout the day due to lack of any key positive trigger.
Main board volumes remained dull whereas activity continued to move side-ways as market witnessed hefty volumes in the third tier stocks. JS Global analyst Muhammad Mubashir said that rising concerns over the IMF program and mini-budget resulted in range-bound activity on Thursday.
Market closed at the level of 44,267, up by 92 points. Total traded volume stood at 240 million shares where Hum Network (+10.6%), TRG Pakistan (+5.8%), Unity Foods (+2.0%), Summit Bank (+8.6%) and WorldCall Telecom (+0.5%) accounted for 47% of the aggregate volume.
Overall trading volumes rose to 240.4 million shares compared with Wednesday’s tally of 151.8 million. The value of shares traded during the day was Rs8.02 billion.
Shares of 357 companies were traded. At the end of the day, 199 stocks closed higher, 135 declined and 23 remained unchanged.
