KARACHI: Pakistan stocks have recorded a decline of 262 points on Friday owing to local currency crash against the dollar.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,471 points from previous day’s closing of 40,733 points, showing a decline of 262 points.
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Analysts at Arif Habib Limited said that the week wrapped on a somber note for PSX, as the market closed in the red at the closing bell.
The benchmark KSE-100 index had a range bound opening session as the investors’ activity remained sluggish owing to the prevailing ambiguous political environment in the country.
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The second session began with the same negative sentiments, with the USD pounding the PKR in the interbank market, further eroding investor confidence as the index hit an intraday low of 403.76 points. Across the board, volumes remained reasonable.
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Sectors contributing to the performance include Miscellaneous (-82.8 points), Fertilizer (-61.6 points), Technology & Communication (-35.9 points), Commercial Banks (-35.6 points), and E&P’s (-29.0 points).
Volumes decreased from 124.1 million shares to 105.1 million shares (-15.3 per cent DoD). The average traded value also decreased by 33.0 per cent to USD 15.1 million as against USD 22.5 million.
Stocks that contributed significantly to the volumes are HUBC, CNERGY, DFML, GATM and WTL.
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