PSX observes range-bound session with a loss of over 200 points

KARACHI: The Pakistan Stock Exchange (PSX) witnessed another range-bound session on Wednesday as its benchmark KSE-100 index lost over 200 points.
The stock market opened in the green and continued the positive momentum throughout the session, however, it closed in the red. At close, the benchmark KSE-100 index closed at 41,772.09 points with a decrease of 239.73 points or 0.57%. According to a report by Arif Habib, the market witnessed a range-bound session due to the continued widening gap of value between the US dollar against the local currency. “The market opened in the positive zone and continued the positive momentum throughout the day however, during the last trading hour profit taking was observed which led the index to close in the red,” read the report. The volumes remained healthy on the main board on the contrary hefty volumes were recorded in the third-tier stocks Sectors contributing to the performance include banks (-81.3 points), fertiliser (-59.3 points), exploration and production (-57.1 points), power (-37.5 points) and Cement (-32.0 points).
Shares of 341 companies were traded during the session. At the close of trading, 114 scrips closed in the green, 206 in the red, and 21 remained unchanged.
Overall trading volumes rose to 259.97 million shares compared with Wednesday’s tally of 156.58 million. The value of shares traded during the day was Rs10.11 billion. TRG Pakistan Limited was the volume leader with 27.44 million shares traded, gaining Rs7.66 to close at Rs109.52. It was followed by Worldcall Telecom Limited with 21.63 million shares traded, gaining Rs0.02 to close at Rs1.18 and TPL Properties Limited with 21.48 million shares traded, gaining Rs0.39 to close at Rs18.97. -PNP