Share market gains 28 points in range bound trading

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Wednesday ended with gain of 28 points in a range bound trading.
The index closed at 42,732 points as against 42,760 points showing a decline of merely 28 points. Sectors contributing to today’s performance include Banks (+76 points), E&P (+31 points), Fertilizer (+11 points), Cement (-51 points) and Engineering (-12 points).
Analysts at Arif Habib Limited said market remained range bound today, starting at a positive note with +25 points but could only maintain the positive sentiment by ~100 points. Sellers took charge soon but couldn’t put significant pressure. Market moved between -100 points to +120 points during the day.

High volumes in index heavy weights such as LUCK, OGDC, DGKC kept the interest alive, where foreigners were apparent sellers and institutions were showed buying interest. Cement sector scrips traded in high volume but narrow band, and ended in red. Similarly, refineries lagged also shed weight at the bourse.
Volumes slumped below 200M shares to 191.2mn as against 239.5 million shares yesterday. Average traded value also declined by 9 percent DoD to reach $73 million as against $80 million.
Stocks that contributed significantly to the volumes include PIBTL, OGDC, LOTCHEM, STPL and PAEL reflecting 25 percent of total volumes.

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