Sunday, November 27, 2022

Pakistan stocks move both ways to end higher - Geo News

Last updated Wednesday, November 16, 2022 11:05 ET , Source: TopWireNews

Trade remains on a tight leash as investors stay on sidelines.
Credit Default Swap worsens to 75.5 as sentiment cools off.
Activity likely to remain lacklustre in risk-averse environment.
KARACHI: Stocks Wednesday clawed back early losses to print moderate gains, buoyed by fertilisers, tech, and power in a well-guarded trade as the Toshakhana scandal has set the political scene on fire, adding to the instability worries.
Pakistan Stock Exchange’s benchmark KSE-100 Shares Index strengthened by 186.90 points or 0.44% to close at 42,983.75 points.
Arif Habib Limited (AHL) in a post-market note said the PSX saw another range-bound session amid lacklustre activity.
“Trade remained on a tight leash throughout the day and the market swung in both directions due to a lack of investor engagement,” the brokerage said.
The AHL reported that mainboard volumes reduced considerably, while third-tier companies continued to lead in terms of volumes.
Sectors that mostly supported the index were fertiliser (+134.3 points), technology and communication (+97.7 points), investment banks/companies/securities firms (+24.0 points), power generation and distribution (+21.3 points), and chemical (+7.4 points).
Volumes slightly decreased by 1.0% to 186.7 million shares from 188.7 million shares recorded on Tuesday, while the average traded value slumped by 10.3% to $29.96 million as against $33.40 million.
Unity Foods led the volumes chart. Stocks that contributed significantly to the volumes were...

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