Stocks close flat amid range-bound trading

Pakistan Stock Exchange (PSX) displayed range-bound movement and closed flat on Thursday as weak economic numbers and delay in approval of an International Monetary Fund (IMF) loan programme weighed on investor interest. The market exhibited considerable volatility, oscillating between the intra-day high of 79,154.30 and low of 78,578.02 points. Institutional investors resorted to profit-booking in blue-chip stocks. Market players awaited the announcement of State Bank of Pakistan's (SBP) policy rate in the monetary policy to be unveiled on September 12. They anticipate that the central bank will cut the rate further as inflation has eased. Already, the SBP has made a cumulative reduction of 250 basis points in the last two monetary policy meetings.