KARACHI: The stock market recorded volatile trading on Wednesday as the KSE-100 index oscillated between red and green zones and finished the third consecutive session in the red.
Despite a positive opening, the index could not sustain the upward trend as it fell almost 200 points in early hours. Investors remained on the sidelines because of the current political and economic turbulence.
Although the KSE-100 surged to an intra-day high of 40,700 points, a lack of positive triggers pushed the index down once again.
At close, the benchmark KSE 100-share Index registered a decline of 107.04 points or 0.26% to finish at 40,503.68 points.
According to Elixir Securities, Pakistan equities fell in lacklustre trading as most investors remained uninterested in the absence of near-term positive triggers.
“Oil was the only key sector that managed a green finish as investors tracked higher global crude while other sectors inched lower seeing very selective institutional participation,” stated the report.
MCB Bank (+2.1%) and Fauji Fertilizer (+1.7%) were the only two stocks that weathered the downtrend apart from oil stocks that supported the benchmark index.
Sideboards and speculative plays contributed the most to the trading volumes with K-Electric (-1.9%) topping the volumes chart.
“(We) see directionless trading without any fervour until Friday while activity may see gradual improvement from next week as quarterly results season bring back interest,” the report added.
Overall, trading volumes fell to 129 million shares compared with Tuesday’s tally of 184 million.
Shares of 367 companies were traded. At the end of the day, 127 stocks closed higher, 223 declined while 17 remained unchanged. The value of shares traded during the day was Rs5.4 billion.
K-Electric was the volume leader with 11.7 million shares, losing Rs0.12 to close at Rs6.28. It was followed by TRG Pakistan with 8.04 million shares, losing Rs0.19 to close at Rs34.29 and Fauji Foods (R) with 7.65 million shares, losing Rs0.51 to close at Rs10.57.