KSE-100 index sheds 55 points

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 55 points on Friday due to lack of interest by investors.

The index closed at 40,016 points as against 40,070 points showing a decline of 55 points.

Analysts at Arif Habib Limited said that with a lack of fanfare and excitement, the market finally ended the week in red.

Banking sector realized the most volumes (20 million), followed by Chemical Sector (8.7 million).

Among the banking sector, UBL hit lower circuit again with a traded volume of 4.2 million shares at lower circuit.

Following the bearish sentiment, BOP, NBP and HBL also traded in red.

NBP’s announcement of financial results sans dividend failed to impress the investors, which resulted in stock trading at lower than yesterday’s closing.

Overall, the index went down by 279 points, however, recovery of around 200 points was seen by end of session.

Sectors contributing to the performance include Banks (-99 points), Miscellaneous (-26 points), E&P (+23 points), Autos (+20 points).

Volumes declined from 103 million shares to 98 million shares (-4 percent DoD). Average traded value also declined by 10 percent to reach US$ 39 million as against US$ 44 million.

Stocks that contributed significantly to the volumes include BOP, PAEL, OGDC, LOTCHEM and UBL, which formed 26 percent of total volumes.

Stocks that contributed positively include MCB (+26 points), OGDC (+16 points), HUBC (+13 points), THALL (+13 points), and MEBL (+12 points).

Stocks that contributed negatively include UBL (-77 points), PSEL (-26 points), HBL (-22 points), ENGRO (-16 points) and HMB (-15 points).

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