KARACHI: A volatile trading session at the Pakistan Stock Exchange on Wednesday closed in the red as indices traded within a narrow range losing to bears and ending the day on a negative note.
The benchmark KSE 100 index clenching 65.50 points as trading resumed recorded its intraday high of 34,224.15 points. The index slipped to its intraday low of 33,786.96 with decline of 371.59 points after swinging in both directions. It eventually closed with a loss of 225.74 points (0.66%) at 33,932.81 points. The total volume of shares was 107.166 million valued at Rs5.465 billion.
The lower bench KSE 30 index declined by 127.71 points (0.86%) and closed at 14,795.32 points. The total volume of scripts were 48.537 million. The KMI 30 index was down by 549.42 points ending at 55,296 points, whereas the KSE All Share index declined by 107.34 points settling at 24,370.17.
READ MORE: ADB approves $300 million loan for COVID-19 relief
The advancers to decliners ratio stood at 114 to 183. Hum Network Limited (HUMNL -9.43%), Hascol Petroleum (HASCOL -1.99%) and TRG Pakistan (TRG -2.32%) were the top scores on volume chart. The scripts had 11.72 million shares, 11.30 million shares and 9.50 million shares traded respectively.
The oil and gas exploration, fertilizer, and banking sector also decreased in investors which brought the bourse down. The banking sector was jolted after Moody’s placed top five Pakistani banks under review for downgrade in their credit ratings.
READ MORE: Moody’s places five banks under review for rating downgrade
Engro Corporation (ENGRO -28.81 points), Fauji Fertilizer (FFC -28.09 points) and Pak Petroleum Limited (PPL -27.77 points) depleted maximum points the stock exchange. The pharmaceutical sector lost 2.26 percent in market capitalization and all major firms ended in the red.
Global equity markets also showed negative performance. On the economic front, the Asian Development Bank approved a $300 million emergency assistance loan for Pakistan to strengthen its health response to COVID -19 pandemic.
The government has raised Rs 200 billion through Sukuk at less than KIBOR rate, through competitive book-building at the stock exchange and saving Rs18 billion over ten years on debt servicing for the first time.
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