PSX witnesses range-bound session with gain of nearly 71 points

• Market manages to close with minimal gain of 70.63 points.
• Benchmark KSE-100 index closes at 40,459.70 points.
• KSE-100 index remains sideways due to continuous Pakistani rupee devaluation against dollar.

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a range-bound session on Wednesday as the benchmark KSE-100 closed with a gain of nearly 71 points. 

The stock market opened in the green, however, it soon succumbed to the selling pressure. However, the bulls held a firm grip throughout the session, closing the market on a positive note. 

At close, the benchmark KSE-100 index closed at 40,459.70 points with an increase of 70.63 points or 0.17%.

According to Arif Habib, the benchmark KSE-100 index remained sideways due to the continuous Pakistani rupee devaluation against the US dollar and political unrest. 

The volumes remained dry although the last trading hour witnessed value buying in the exploration and production sector.

Sectors contributing to the performance include exploration and production (+73.3 points), banks (+29.0 points), OMCs (+15.8 points), power (+13.6 points) and technology (11.8 points).

Shares of 325 companies were traded during the session. At the close of trading, 136 scrips closed in the green, 169 in the red, and 20 remained unchanged.

Overall trading volumes rose to 141.74 million shares compared with Tuesday’s tally of 194.86 million. The value of shares traded during the day was Rs4.49 billion.

TPL Properties Limited was the volume leader with 13.37 million shares traded, losing Rs0.35 to close at Rs17.56. It was followed by Worldcall Telecom Limited with 10.75 million shares traded, gaining Rs0.02 to close at Rs1.27 and Cnergyico PK Limited with 7.95 million shares traded, losing Rs0.02 to close at Rs5.