- The rupee’s weakening against the US dollar eroded investors’ confidence and caused profit-taking, analysts said.
- The KSE-100 Index closed the session at 42,137 points, down 0.21 per cent, or 89 points.
- Analysts expect the market to continue the uptrend and recommend investors adopt the “Buy on Dip” strategy.
KARACHI: The Pakistan bourse had a mixed trading session on Thursday, as the market started out strong but the rupee’s weakening against the US dollar eroded investors’ confidence and caused profit-taking, analysts said.
An analyst at Pearl Securities said the market remained range-bound and profit-taking in the last hour dragged it down to close on a negative note.
“Finance Minister Ishaq Dar has emphasised on implementing the IMF programme and timely debt payments. However, the rupee continues to weaken against the dollar because of high demand and the slow pace of dollar inflows for flood aid.”
The KSE-100 Index closed the session at 42,137 points, down 0.21 per cent, or 89 points. The mainboard volumes were decent, on the contrary, as the third-tier stocks remained in the limelight.
The All-share volume increased to 268 million shares against 250 million shares traded on Wednesday.
The major volume leaders of the day were Hascol with a turnover of 31 million shares, K-Electric with 23 million shares and GTECH with 21 million shares.
Going forward, analysts expect the market to continue the uptrend and recommend investors adopt the “Buy on Dip” strategy in the upcoming sessions.
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