PSX flat ahead of political showdown in Rawalpindi

KARACHI: Stocks scarcely changed Wednesday in a caution-driven session, marked by wild swings as market players remained wary of the political events unfolding in Rawalpindi amid a general trigger drought. Pakistan Stock Exchange’s (PSX) main gauge, KSE-100 Shares Index, lost 48 points or 0.11% to settle down at 42,880 points after making an intraday high of 111 points. JS Research in its market wrap said stocks opened on a positive note, but due to rising political temperature and profit-taking closed a tad lower.
“Going forward we recommend investors to remain cautious at current levels and wait for fresh buying,” the brokerage said. Topline Research in a note said profit-taking was witnessed soon after Hub Power Company notified the bourse that the company as a Joint Venture [partner] and sponsor of China Power Hub Generation Company (CPHGC) provided security in the form of a Standby Letter of Credit (SBLC) – which is a form of guarantee – of $150 million in favour of CPHGC to satisfy any funding shortfall.-PNP