In thin trading, stock closes in green

Pakistan Stock Exchange (PSX) activity was lackluster on Monday, although the benchmark KSE-100 index closed in the green zone after swinging in a narrow range.

Amid the persistent depreciation of the Pakistani rupee against the U.S. dollar, skeptical investors adopted a cautious stance, primarily due to the rising risk of default and the absence of a timetable for incoming financing from Saudi Arabia and China, which kept the mainboard stocks under pressure.

In contrast, investor confidence increased upon hearing that Pakistan’s current account deficit shrunk to $204 million in October 2022 from $350 million in September.

Due to mixed views, the benchmark KSE-100 index settled with modest gains after fluctuating within a narrow range between an intraday high and low of 42,853.94 and 42,664.53 points, respectively.

After opening on a bullish note, the market has experienced volatility since the start of the session. The bourse oscillated between optimism and pessimism, ultimately unleashing the bulls who led the bourse into the green.

In early trade, the index reached a high of 42,853.94 points, but it quickly declined and remained negative until lunchtime. However, a final-hour buying frenzy pushed the index into positive territory.

The KSE-100 stock index rose 30.95 points, or 0.07%, to end the day at 42,761.19 points.

Arif Habib Limited remarked in its post-session commentary that today’s PSX session was range-bound.

The KSE-100 index opened on a bullish note, but investors’ lack of confidence caused it to trade in a narrow range. Volumes on the mainboard remained stagnant, although respectable volumes were noted in third-tier equities.

Technology and communication (+97 points), commercial banks (+17 points), miscellaneous (+9.7 points), transportation (+6.4 points), and oil and gas marketing businesses (+6 points) contributed to the performance.

Three hundred thirty-four firms’ shares were traded during the session. At market close, 150 stocks were in the green, 156 were in the red, and 28 were unchanged.

Friday’s trading volume was 189.28 million shares, while Monday’s total was 132.94 million. During the day, Rs4.57 billion worth of shares were traded.

Worldcall Telecom led the market in terms of volume, trading 14.12 million shares at a loss of Rs0.04 to settle at Rs1.40. TRG Pakistan, which traded 10.23 million shares and gained Rs5.02 to settle at Rs146.57, was followed by Unity Foods, which traded 17.13 million shares and gained Rs0.41 to conclude at Rs17.13.