KSE-100 remains flat due to lack of positive triggers

Benchmark index falls 25.6 points to settle at 34,656.12

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OUR CORRESPONDENT
KARACHI
The stock market experienced a rangebound session on Wednesday and closed lower by just 26 points as a lack of positive triggers prevented investors from making fresh buying. Trading has remained choppy at the stock market for the past few days because of political tensions. Next Capital stated in its report that a lack of positive triggers dampened investor sentiments, who were desperately on the lookout for a development that could set the market’s direction. The opposition’s threat to stop the passage of federal budget 2019-20 in the National Assembly kept the benchmark index under check, it added. Earlier, the KSE-100 index opened upwards but somber mood of investors prevented it from notching up hefty gains. In the absence of positive triggers, the market looked like a see saw as it constantly moved between red and green zones till the close of trading. Selling pressure towards the end of the session pushed the market into the negative zone. Automobile and fertiliser stocks remained mostly in the red while the exploration and production sector was entirely in the green. Overall, trading volumes decreased to 99.35 million shares compared with Tuesday’s tally of 104.13 million.

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