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KARACHI: Pakistan Stock Exchange (PSX) witnessed a topsy-turvy day on Wednesday and eventually closed on a negative note due to prevailing political uncertainty in the country.
The benchmark KSE-100 index plunged in early morning briefly losing the 44,000 points level regained a day earlier and reached the lowest point of 43,975.67 points. It eventually regained control and reached the highest points of 44,444.98 points before it once again lost control until trading was suspended. The bourse eventually declined by 101.14 points (-0.23%) to close at 44,337.56 points.
The total volume of shares were 115.692 million valued at Rs4.738 billion. Total companies traded were 354 compared to 363 from the previous session. Of the scrips traded 158 closed up, 169 closed down while 27 remained unchanged.
Of the 96 traded companies in the KSE100 Index, 38 closed up 52 closed down, while 6 remained unchanged. Sector-wise, the index was let down by Oil & Gas Exploration Companies with 47 points, Fertilizer with 24 points, Oil & Gas Marketing Companies with 16 points, Commercial Banks with 13 points and Investment Banks/ Securities with 11 points.
The lower bench KSE-30 index also dropped by 60.25 points (-0.35%) and closed at 16,923.07 points. The total volume of shares was 74.330 million. The KMI 30 index declined by 187.99 points (-0.26%) and closed at 71,878.85 points, while the All Share Index slipped by 7.39 points (-0.02%) and closed at 30,372.08 points. The total volume of share traded were 344.039 million at the stock market.
The highest number of shares traded belonged to K-Electric Ltd (0.00%) which traded 38.419 million shares. This was followed by Ghani Global Ltd (2.14%), WorldCall Telecom Ltd (1.76%), and Pak Elektron (PAERLR3 -16.24%). The number of scrips traded were 31.115 million, 19.941 million, and 18.379 million, respectively.
The market reacted negatively to news regarding the political situation in the country along as the prime minister faces a no-confidence motion. Investors reacted cautiously to the reports at the stock market.