Karachi Stock Exchange (KSE) saw a dull session on Wednesday as its main index ended flat, mainly because investors preferred to stay away from the market due to uncertainty regarding the results of general body meeting and delay in launch of new leverage product.
The benchmark KSE 100-index was up only by 2 points to close at 7,025 points.
"Mixed activity was witnessed at the market as investors were waiting the outcome of stock members meeting on FED collection on broker commissions," said a market expert while talking to The Financial Daily.
He added that support from state-run funds, strong investor interest in cement scrips, and merger news of Mybank/Askari Bank supported the oversold market throughout the trading session.
Trading stated with a minor gain of 1 point. Thereafter, the market witnessed range-bound activity throughout the day with low participation by investors.
Index moved in a narrow range, giving a number of visits to both red and green zones where during early moments of the session it touched an intraday high of 7,048 points (+ve 24 points) while 6,988 points (-ve 34 points) was its lowest level of the day which it touched around the mid-day.
Santosh Kumar, a research analyst at Darson Securities, said market participants are waiting patiently for an encouraging decision regarding the new tax mechanism on the local bourses and introduction of a new leverage product before taking any major positions in the market.
KSE 30-index lost 16 points to close at 7,450 points and KSE all share index increased by 2 points to close at 5,035 points.
Volumes saw a little improvement as 103 million shares traded during the day which is 17 million shares more as compared to a turnover of 86 million shares a day earlier. Out of total 297 active issues, 156 declined and 119 advanced while 22 issues remained unchanged.
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