KARACHI: Pakistan stocks plunged by 308 points on Friday as investors preferred profit taking on the last trading day of the week.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell to 40,620 points from previous day’s closing of 40,928 points, showing a decline of 308 points.
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Analysts at Arif Habib Limited said that the market witnessed a mixed session as bulls and bears fought for the dominance all day long.
The opening session consisted of a positive motion as the rupee broke its losing streak against the US dollar.
READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues
In the second session, investors opted for profit taking in the last hour which led the index to lose 373.96 points. Volumes remained dry across the board whereas, hefty volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (-112.1 points), Cement (-38.4 points), Power (-36.2 points), Technology (-31.4 points) and Fertilizer (-30.3 points).
READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar
Volumes decreased from 190.0 million shares to 164.4 million shares (-13.5 per cent DoD). The average traded value increased by 8.6 per cent to US$ 28.6 million as against US$ 26.4 million.
Stocks that contributed significantly to the volumes are HASCOL, TRG, KEL, CNERGY and WTL.
READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65
