Tuesday Oct 12, 2021
KARACHI: A topsy-turvy session at the Pakistan Stock Exchange ended on a modestly positive note on Tuesday as the benchmark index weathered selling pressure amidst cautious trading.
Market expectations of weak financial results in key sectors and looming uncertainty regarding scheduled talks between the International Monetary Fund (IMF) and Pakistan forced investors to trade cautiously.
Selling pressure at regular intervals came on the back of rising international oil prices and uncertainty in global stock markets.
Earlier, trading began on a negative note and selling pressure strengthened within the first hour, which dragged the market down. However, cherry-picking by market players later in the day helped lift the KSE-100 index and it closed with nominal gains.
At close, the benchmark KSE-100 index recorded an increase of 53.73 points or 0.12% to settle at 43,883.08 points.
A report from Topline Securities noted that the KSE 100 index witnessed a volatile session, touching an intra-day low and high of 43,149 (down 1.55%) and 44,051 (up 0.51%).
“Sentiments remained choppy as the delay in the ISI chief’s notification kept investors cautious,” it said, adding that higher international oil prices kept concerns alive over inflationary pressures and further monetary tightening by the State Bank of Pakistan.
During the session, shares of 535 listed companies were traded. At the end of the session, 217 stocks closed in the green, 302 in the red, and 16 remained unchanged.
WorldCall Telecom was the volume leader with 51.1 million shares, losing Rs0.04 to close at Rs2.21. It was followed by Telecard Limited with 27.6 million shares, losing Rs0.72 to close at Rs16.55, and Treet Corporation with 21.8 million shares, losing Rs4.02 to close at Rs49.64.