- The Pakistan bourse closed higher on Thursday after witnessing a range-bound session.
- Analysts expect the market to remain under pressure due to political unrest and the economic situation.
- The Pakistan Stock Exchange KSE-100 shares Index gained 23.34 points, to close at 42,903.65 points.
KARACHI: The Pakistan bourse closed higher on Thursday after witnessing a range-bound session where investors’ participation remained low due to uncertain economic and political conditions, analysts said.
An analyst at Pearl Securities said that the stocks witnessed a range-bound session managing to close in the green zone as the volumes remained low.
“On the economic front, things remain stagnant where the government and the International Monetary Fund (IMF) are having issues over the start of the ninth review. While on the political front, the much awaited new army chief has been appointed, which is expected to decrease political tension,” he added.
“However, the lack of positive trigger kept the investors from taking fresh positions. Going forward, we expect the market to remain under pressure due to political unrest and the economic situation. Hence, we suggest our investors adopt the “Sell on Strength” strategy in the upcoming sessions,” he remarked.
The Pakistan Stock Exchange KSE-100 shares Index gained 23.34 points, to close at 42,903.65 points. The KSE-30 shares Index shed 4.64 points, to close at 15,805.11 points.
As many as 345 scrips were active of which 184 advanced, 128 declined and 33 remained unchanged.
Commodity expert Ahsan Mehanti said that the stocks closed higher after the prime minister’s decision over the appointment of a new army chief, easing political noise.
“Late-session pressure remained owing to uncertainty over the outcome of Pakistan-IMF talks for financial support and the president’s consultative meetings ahead of the new army chief appointment,” he added.
The ready market volumes stood at 153.12 million shares, compared with the turnover of 138.57 million shares in the last trading session.
The companies which reflected the highest gains included Allawasaya Textile up Rs209.61 to close at Rs3,004.48/share, and Pak Tobacco up Rs52 to close at Rs922/share.
The companies which reflected the most losses included Sapphire Fiber down Rs67.01 to close at Rs1,150/share, and Siemens Pakistan down Rs65.36 to close at Rs817.05/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 25.62 million shares. The scrip gained 7 paisas to close at Rs1.45/share, followed by Hascol Petrol with a turnover of 9.13 million shares. It gained 12 paisas to close at Rs7.96/share. TRG Pakistan remained the third with a turnover of 9.10 million shares. It gained 22 paisas to close at Rs147.16/share.
Pakistan bourse closes higher after range-bound session
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