- Benchmark KSE-100 index sheds over 300 points.
- Market opens upwards but soon enters in red zone.
- Market observes a negative session due to continuous rise of US dollar against local currency.
KARACHI: The bears staged a comeback at the Pakistan Stock Exchange (PSX) market on Wednesday as the benchmark KSE-100 index experienced another round of battering and shed over 300 points.
The benchmark KSE-100 index opened upwards but it soon entered the red zone and started losing ground throughout the day.
Moreover, the continuous depreciation of the Pakistani rupee against the US dollar impacted the investment climate negatively.
At close, the benchmark KSE-100 index closed at 41,776.98 points with a loss of 363.78 points or 0.86%.
According to Arif Habib Limited, the market observed a negative session today as the US dollar continued its flight against the Pakistani rupee.
“Investors’ participation lingered in the lacklustre zone over concerns of the resumption of the International Monetary Fund (IMF) programme. Volumes remained dry on the main board whereas hefty volumes were witnessed in the third tier stocks,” the brokerage house stated.
Sectors contributing to the performance include cement (-70.7 points), technology (-62.7 points), power (-50.7 points), banks (-37.1 points) and exploration and production (-32.9 points).
Shares of 292 companies were traded during the session. At the close of trading, 180 scrips closed in the green, 99 in the red, and 13 remained unchanged.
Overall trading volumes rose to 160.12 million shares compared with Friday’s tally of 282.93 million. The value of shares traded during the day was Rs4.91 billion.
TPL Properties Limited was the volume leader with 19.49 million shares traded, gaining Rs0.28 to close at Rs19.75. It was followed by Worldcall Telecom Limited with 15.35 million shares traded, losing Rs0.04 to close at Rs1.41 and Pakistan Refinery Limited with 11.82 million shares traded, losing Rs0.22 to close at Rs17.69.