Pakistan:
It was a minced day at Pakistan Stock Exchange (PSX) Wednesday when the Benchmark KSE-100 index moved in both directions before ending the session almost flat.
The market opened on a strong note and touched at an intra-day height of 166,522.61 points. However, confidence remained trembling and gains were short -lived by news circulating that Asian Development Bank (ADB) kept Pakistan’s growth forecast unchanged to 3% and marked scissors in reforms, while fresh revelations to the IMF about a $ 1 billion hit for exports added to concerns.
Read: In Stellar Run climbs PSX
Despite the government projecting a lower deficit on current accounts and banking on higher transfers, both lenders’ cautious tone were enough to dampen market enthusiasm. As a result, investors chose profits and pulled the index to a low level of 164,155.32.
Despite the volatility, Bourse managed to restore a certain reason for the dense that ended at 165,640.34, in a flat state with a small gain of only 0.09%or 146.75 points.
Ktrade Securities noted that the KSE-100 index closed at 165,640.34 and got 146.75 points (+0.09%). Momentum came from bank, fertilizer and energy names, while some pressure remained in other key sectors.
Read more: KSE-100 hits record as investors respond to IMF optimism
Generally, trade volume rose to 1.63 billion shares compared to Tuesday’s figures of 1.34 billion. The values of shares fell to RS69.6 billion from Tuesday’s Tuesday at RS76.7 billion.
Shares of 486 companies were traded. Of these closed 173 higher, 287 fell and 26 remained unchanged. K-electric was the volume winner with trading in 299.7 million shares and got RS0.39 to close on RS7.34.
Early optimism in the session was driven by positive mood across selected blue chip shares, but with the index that hovered near record levels, many investors chose to book profits. This sales pressure outweighs fresh purchase in the latter half and kept the total momentum in check.
Market direction unclear
Sideways Close reflects the caution of the investor’s caution in the midst of uncertainty about interest rate policy, upcoming business earnings and macroeconomic indicators. Although the underlying mood remains gently optimistic, further consolidation may be on the cards unless a fresh trigger occurs.
Quantities remained decent but the indecisive trend suggests that participants are waiting for clearer signals before making aggressive features.
