KARACHI: The Pakistan bourse closed lower on Wednesday despite opening in the green zone, owing to a lack of investors’ participation, analysts said.
An analyst at Arif Habib Limited said that the market witnessed a range-bound session where the KSE-100 Index opened on a positive note but a lack of investors’ participation dragged the index into the red zone.
“The market remained in the negative zone for most of the trading session. The participation was comparatively lower than the previous session as volumes remained dry in the main board. However, decent volumes were recorded in the third tier stocks,” he added.
The Pakistan Stock Exchange KSE-100 shares Index shed 48.32 points, or 0.11 per cent to close at 42,880.31 points. The KSE-30 shares Index gained 17.43 points, or 0.11 per cent to close at 15,809.75 points.
As many as 356 scrips were active of which 144 advanced, 191 declined and 21 remained unchanged.
An analyst at Topline Securities said that the stocks closed slightly negative where the KSE-100 Index settled at 42,880 level.
“Continuing its yesterday’s positive momentum, the market kicked off on a positive note. However, profit-taking was witnessed at the bourse which pushed the market into a negative zone,” he added.
The ready market volumes stood at 138.57 million shares, compared with the turnover of 195.97 million shares in the last trading session.
The companies which reflected the highest gains included Allawasaya Textile up Rs194.99 to close at Rs2,794.87/share, and Sapphire Fiber up Rs77 to close at Rs1,217.01/share.
The companies which reflected the most losses included Bata (Pak) down Rs80 to close at Rs1,800/share, and Bhanero Textile down Rs71.98 to close at Rs928.02/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 16.46 million shares. The scrip shed 1 paisa to close at Rs1.38/share, followed by TPL Properties with a turnover of 13.10 million shares. It shed 26 paisas to close at Rs19.89/share. Hub Power remained the third with a turnover of 12.46 million shares. It shed Rs2.51 to close at Rs66.62/share.
