KSE-100 edges down despite upbeat current account data
Statesman Report
KARACHI: The benchmark KSE-100 index on Wednesday reversed trend and edged down nearly 20 points as investor sentiment weakened despite an upbeat current account data.
According to statistics released by the State Bank of Pakistan (SBP), Pakistan’s current account turned into a surplus of $13 million in May 2020.
In the morning, trading began on a bullish note at the stock exchange, however, the momentum could not last long as investors started offloading stocks, dragging the market down. The market continued to oscillate between red and green territories throughout the session.
The news of the central bank receiving $1 billion in aid – $500 million from the World Bank and $500 million from the Asian Development Bank – provided support in mid-session. However, the overall weak investor sentiment pushed the market into the negative territory and it closed the day with a slight decline.
At close, the benchmark KSE-100 index recorded a decrease of 17.96 points, or 0.05%, to settle at 34,034.65 points.
Arif Habib Limited, in its report, stated that the market traded in a narrow range of +108 points and -115 points, closing the session down by 18 points. Activity remained dull primarily due to the absence of a strong trigger ahead, it said.