KARACHI: Pakistan stocks fell by 480 points on the last weekly trading day on Friday due to political uncertainty.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,323 points from previous day’s closing of 40,803 points, showing a decline of 480 points.
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Analysts at Arif Habib Limited said that the market nosedived during the trading session today making an intraday low of 608.21 points.
The benchmark KSE-100 index opened in the negative zone owing to the political uncertainty in the country keeping the investors at bay.
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The second session resumed with the same sentiments as investors opted to square up their positions on account of the ambiguous weekend ahead on the political front.
Volumes in the mainboard remained decent whereas, healthy volumes were witnessed in the 3rd tier stocks.
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Sectors contributing to the performance include E&P’s (-171.6 points), Commercial Banks (-46.3 points), Technology & Communication (-45.8 points), Cement (-43.7 points), and OMCs (-42.5 points).
Volumes decreased from 175.4 million shares to 173.3 million shares (-1.2 per cent DoD). The average traded value also decreased by 21.5 per cent to USD 20.3 million as against USD 25.8 million.
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Stocks that contributed significantly to the volumes are HASCOL, WTL, PPL, SMBL and CNERGY.
