KARACHI

Stocks closed lower on Wednesday amid thin trade on pressure in global commodities, with the KSE 100-index declining by 24.08 points to close at 33,934.04 points.

Volatility continued to persist in yesterday’s session on the back of negative news flow dampening investors’ confidence. Release of good auto sales numbers for the month of October translated into a rally in the sector. GHNL and MTL were top performers of the sector, observed analyst Ahmed Saeed Khan at JS Global.

Initial negativity in the index led to buying from the mutual funds into cements and E&P sector, closing many stocks of the aforementioned sectors in the green zone. Top performers of these sectors were DGKC, MLCF, HASCOL and NRL.

Analyst at Topline Securities said Pakistan’s benchmark index started the day on a negative note. However, institutional buying in later half of the session provided some respite. Traded volume declined by 25% to 152m shares, while traded value went down by 24% to Rs.6.7b/$64m.

Heavy volume activity was seen in gas utility stocks on the back of favorable outcome on UFG losses. As a result, SSGC and SNGP gained 2.48% and 1.43%, respectively. Major activity was seen in PACE, SSGC and TRG with volumes of 12.1m, 11.2m and 10.3m shares respectively. Dealers expect the market to remain in its current state in absence of any major positive triggers.