The Pakistan Stock Exchange (PSX) endured a volatile session on Wednesday, with the benchmark index failing to sustain gains despite a 52pc surge in volumes.
The overall market volumes jumped from 663.96 million shares in the previous session to 1.01 billion shares (+52pc). Average traded value, however, declined by 4pc, from $178.1 million to $171.3 million. Worldcall Telecom (WTL +38.89pc), K-Electric Ltd (KEL +2.02pc) and Telecard Ltd (TELE +16.98pc) led the volume chart, exchanging 369.80 million, 106.88 shares and 41.70 million shares, respectively.
“The market achieved another milestone today by recording a trading volume of over 1 billion shares in the regular market (highest in 16 years, and 5th highest overall), whereby Worldcall contributed the most with 369 million shares. However, other stocks maintained the average trading volume of 600 million shares,” a report issued by Arif Habib Ltd read.
“Profit booking continued unabated today, particularly in E&P sector, which regressed despite stable international crude oil prices. Cement sector performed on the back of better results announced by CHCC, with investors expecting similar results from other companies.”