PSX remains in red as KSE-100 falls 94 points

KARACHI: The Pakistan Stock Exchange (PSX) remained in red on Wednesday and the benchmark KSE-100 index fell 94.31 points or 0.23% to close at 41,766.05 points.

Trading began with a spike however selling pressure emerged soon after and pulled the index lower. The KSE-100 fell for the rest of the day as flood damages and depreciation of rupee played on their minds. The pessimism caused the market to close in the red.

Automobile, cement, banks and oil sectors bore the brunt of weak sentiment and saw modest sell off.

Sectors painting the benchmark KSE-100 in red included fertiliser (32.79 points), banking (21.24 points), and technology and communication (17.45 points).

Volume on the all-share index nearly halved to 92.9 million from 187.3 million on Tuesday. On the other hand, the value of shares traded dropped to Rs3.16 billion from Rs4.02 billion recorded in the previous session.

Hascol was the volume leader with 8.6 million shares, followed by Pak Refinery with 6.2 million shares and Cnergyico with 4.8 million shares.

Shares of 337 companies were traded on Wednesday, of which 130 registered an increase, 181 recorded a fall, and 26 remained unchanged.