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PSX ends week on negative note losing 462 points

KARACHI: The KSE-100 Index continued its fall for the second successive session as correction along with profit-taking dragged stocks in the red on the last day of the week.

The KSE-100 Index started in the red and continued its gradual fall throughout the day to end a few points below the 43,000 level. At one point, the index suffered over a 630-point fall in intra-day trading before investors opted to buy at the day’s lows.

Announcements by Tahirul Qadri and Pakistan Tehreek-e-Insaaf of protests against the government were also received negatively, giving an excuse to investors to book profits and await clarity.

At close on Friday, the KSE-100 Index ended with a decrease of 461.56 points or 1.06% to finish at 42,933.72 points.Overall, trading volume decreased to 239 million shares, compared with Thursday’s tally of 319 million.

The index touched a day’s high of 43,436, up 41 points from the market’s opening, in the first few minutes of the session. It hit a day’s low of 42,754 near the close of the trading session.

In all, 238.7 million shares worth Rs10.3 billion changed hands as compared to 319.5mn shares worth Rs13.7bn traded on Thursday.

Of the 359 scrips traded, 84 advanced, 262 declined and 13 remained unchanged.

Major contribution to the index came from HBL (+2.46%), ENGRO (+3.04%), UBL (+2.27%), MCB (+2.23%) and LUCK (+2.33%) cumulatively contributing 248 points to the index. Commercial banking sector led the optimism where heavyweights HBL (+2.46%), UBL (+2.27%) NBP (+0.98%) and MCB (+2.23%) closed in green zone.

Bullish sentiment was witnessed in the fertiliser sector, where FFBL (+2.93%) and FFC (+1.92%) contributed 33 points and closed positively on the back of the news of proposal in reduction in GIDC that would materially benefit FFC and FFBL.

“Investor interest was seen in the engineering sector where ISL (+5%), ASL (+5.06%) DSL (+9.17%) and ASTL (+3.30%) closed in the green zone.”

Oil prices closed at a fresh three-year high, where POL (+0.34%) PPL (+1.21%) and OGDC (+0.79%) from the aforementioned sector closed positive.

The communication sector dominated trading with 50.1m shares traded, while the engineering and cement sectors followed with 22.8m and 21.5m shares traded.

Shares of 368 companies were traded. At the end of the day, 80 stocks closed higher, 276 declined while 12 remained unchanged. The value of shares traded during the day was Rs10.3 billion.

TRG Pakistan was the volume leader with 26 million shares, losing Rs1.03 to close at Rs32.89. It was followed by WorldCall Telecom with 15.2 million shares, losing Rs0.10 to close at Rs2.80 and Azgard Nine with 14.1 million shares, losing Rs0.87 to close at Rs13.65.