KARACHI - Volatility prevailed at Pakistan Stock Exchange (PSX) on Thursday as KSE 100-index, which made an intra-day high of 329 points and an intra-day low of 731 points, closed at 43,783 points after losing 8 points.
Despite the mundane activity in the market, market appeared to consolidate as prices have fallen down to extremely attractive levels. It was evident from substantial recovery witnessed during the last 30 minutes of the session, as value-seeking investors started accumulating MSCI stocks which led the market to enter into the green zone, observed analyst Arhum Ghous.
Commercial banks' heavyweights all closed in the green zone cumulatively contributing 87 points to the index. NBP (+2.65%), MCB (+1.23%) and HBL (+1.57%) were among the gainers from the sector. On the other hand, the losses in the E&P sector, dragged down the benchmark index by shedding 42 points as oil closed lower on account of concerns over rising production in the US. OGDC (-0.94%), POL (-0.90%) and PPL (-0.36%) were the major losers in the aforementioned sector.
Traded volume & value shed 42% to 125.5m shares & Rs7.3b/$69.2m, respectively.K-Electric was volume leader with 20 million shares of the power distributor changing hands.
