- Investors display a lack of interest in blue chips amid an uncertain economic and political outlook.
- Banks, cement, power and refinery sector stocks contribute negatively to the index.
- Shares of 534 listed companies traded of which 307 stocks close in the green.
KARACHI: The Pakistan Stock Exchange (PSX) closed flat on Wednesday with the benchmark KSE-100 index clawing down by a mere 6.28 points, or 0.01%, to settle at 47,413.46 points.
Investors displayed a lack of interest amid an uncertain economic and political outlook. The KSE-100 index endured a range-bound session, which ended on a bearish note. Selling pressure was observed in banks, besides the cement and auto sectors.
Rupee depreciation against the US dollar coupled with significant fluctuation in the international oil markets impacted the optimistic investment climate.
On the economic front, a stable inflation rate — which clocked in at 8.4% in August, according to data released by the Pakistan Bureau of Statistics — failed to entice market participants.
The benchmark KSE-100 index shed 6.28 points or 0.01% on the first trading day of September, to close at 47,413.46 points.
A report by Arif Habib Limited stated that the first day of the month recorded range-bound activity with sideboard scrips performing better than blue chips.
The bourse oscillated between an intra-day high and low of +209 points and -65 points. Volumes and price-performance were witnessed in TPL Properties, Telecard Limited, WorldCall Telecom and Hum Network, out of which TPL Properties and Telecard Limited hit upper circuits and maintained that level till closing.
The technology sector led the KSE-100 index, whereas banks, cement, power and refinery sectors ended the session in red.
Trading volume surged to 536.6 million shares compared to 378.8 million shares traded on Tuesday (August 31).
During the session, shares of 534 listed companies were traded. At the end of the session, 307 stocks closed in the green, 207 in the red and 20 remained unchanged.
WorldCall Limited was the volume leader with 162.3 million shares, gaining Rs0.34 to close at Rs3.56. It was followed by Telecard Limited with 45.13 million shares, gaining Rs1.37 to close at Rs20.83 and Ghani Global Holdings with 32.7 million shares, gaining Rs3.22 to close at Rs46.20.
Individually, major gainers were TRG Pakistan (+29 points), Lucky Cement (+12 points), Faisal Bank (+10 points), Engro Polymer and Chemicals (+9 points) and Engro Corporation (+8 points).
Meanwhile, major losers included HBL (-18 points), MCB (-15 points), Meezan Bank (-14 points), Indus Motor Company (-11 points) and Pakistan Services (-9 points).