PSX: KSE-100 remains above 48,000 points despite volatility

• More than 361.2 million shares had changed hands by the end of the session, with a total worth of nearly Rs16.7 billion.
• Stocks of 399 companies were traded, of which 194 gained in value, 186 declined and 19 remained unchanged.
• JS Research says the market 'remained volatile throughout the day.'

The Pakistan Stock Exchange (PSX) on Wednesday had a "volatile" day with the market ending the day at 126 points over 48,000.

The PSX ended the day on a negative note, with the benchmark KSE-100 index losing -64 points, or -0.13%, by the close of the trading session to reach 48,126.

More than 361.2 million shares had changed hands by the end of the session, with a total worth of nearly Rs16.7 billion.

Stocks of 399 companies were traded, of which 194 gained in value, 186 declined and 19 remained unchanged.

Read more: Stocks rally as PSX once again breaks record for daily traded volume

Volumes were led by Worldcall Telecom Ltd (WTL) with 202.6 million shares traded. BYCO, Pakistan Telecommunication Ltd (PTC), Unity Foods and Azgard Nine Ltd (ANL) closed out the top five symbols traded, with volumes of 59.1m, 36.1m, 34.5m and 30.7m, respectively.

WTL was up 0.00%, trading at Rs3.59; Byco was down 0.78%, trading at Rs11.41; PTC was down 1.51%, trading at Rs11.06; Unity was down 2.20%, trading at Rs47.02; while ANL was down 4.19%, trading at Rs33.09.

JS Research, while commenting on the KSE-100's performance, said that the market "remained volatile throughout the day". They added that the index remained between the high and low of 48,286 and 47,960 respectively, however, closed at 48,126 level, down 64 points. 

"Refineries boosted in today's trading session where NRL (3.4%), ATRL (1.1%) and PRL (2.5%) closed in the green zone on the back of the news that government is likely to approve incentives for oil refineries in the upcoming budget 2021-22," said a statement issued by JS Research. 

Read more: PSX breaks previous record of new daily traded volume, says Asad Umar

The research arm of JS Global Capital Limited noted that there was an uptick in the auto sector as well. 

The firm forecasts that they "expect the positivity to continue". It also recommended investors "avail any dips as buying opportunities in construction and export-oriented sectors".

Topline Securities in their market review noted that oil exploration and production, cement and financial sector were the major losers in the day's trading.

The company also noted that the total traded volume and value for the day stood at 1,046mn shares and Rs27.77bn, respectively, for KSE-100 All-Share Index.