KSE-100 sheds 41 points amid cautious trading

KSE-100 sheds 41 points amid cautious trading

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 41 points on Friday amid cautious trading.

 The index closed at 39,049 points as against 39,090 points showing a decline of 41 points.

Analysts at Arif Habib Limited said that largely the index remained where it started.

The opening bell saw an increase of 26 points with 0.4 million shares volume and the second session ended at 41 points down.

E&P sector that rallied in the past couple of sessions remained timid throughout the day. Investors maintained cautious view on Oil sector, whereas fertilizer sector jumped significantly on the news of reduction in GIDC by 50 percent.

Resultantly, FFC and FFBL hit upper circuit where other fertilizer sector scrips also showed improved price performance. EPCL saw negative price performance due to the news of fire breaking out at the plant, but recovered to some extent by session’s end.

Sectors contributing to the performance include Pharma (+46 points), Fertilizer (+23 points), Cement (-28 points), Tobacco (-25 points), O&GMCs (-22 points), Chemical (-20 points), Autos (-17 points).

Volumes increased from 112 million shares to 123 million shares (+10 percent DoD). Average traded value however, increased significantly from $33 million to $ 45.7 million (+38 percent DoD).

Stocks that contributed significantly to the volumes include KEL, SSGC, TRG, PAEL and EFERT, which formed 35 percent of total volumes.

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