KARACHI: After a frustrating week, the stock market on Wednesday slipped down after failing to search for any positive triggers during intra-day trading.
The benchmark KSE 100 index at the Pakistan Stock Exchange declined by 214.01 points, or a decrease of 0.5 percent, to close at 42,993.03 points. The stock market slipped down the 43,000 level during intra-day before market was suspended for trading. The total volume of shares also declined to 119.954 valued at Rs5.16 billion.
Meanwhile, the lower KSE 30 index also declines by 98.45 points (-0.49%) to close at 19,932.61 points. The total volume of scripts was valued at 79.622 million. The top active stock remains Bank of Punjab (0.90%) followed by MLCF (1.75%) and TRG (0.35%). Summit Bank (-1.06%), Unity Foods (-2.21%), Byco (-0.72%) and K-Electric (-1.33%) saw a decline in share prices.
The stock market has stagnated during the current week as investors remains disinterested in low-prices stocks. There banking sector offered some respite in anticipation of the monetary policy for the month of January which will set the direction for much of the fiscal year.
The sectors contributing to the performance included fertilizer, banks, while exploration and production, chemical and cement declined. Investor’s confidence was boosted as international credit agency Fitch rating Pakistan as B- with a stable outlook.
ADVERTISEMENT
