Pakistan stocks shed 127 points amid sluggish trading

Pakistan stocks shed 127 points amid sluggish trading

KARACHI: Pakistan stocks declined by 127 points on Friday owing to slugging trading activity witnessed during the day.

The benchmark KSE-100 index ended at 40,150 points from previous day’s closing of 40,277 points, showing a decline of 127 points.

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Analysts at Arif Habib Limited said that range bound session was observed in the market today due to last day of roll-over week.

The benchmark KSE-100 index opened in the positive zone but sluggish activity was witnessed. In the last trading hour, profit taking was observed which led the index to close in the red zone.

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Volumes remained dry in the main board although healthy volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Fertilizer (-69.1 points), Cement (-36.2 points), Chemicals (-26.7 points), E&P (-24.7 points) and Automobile Assembler (-18.6 points).

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Volumes decreased from 251.3 million shares to 170.3 million shares (-32.2 per cent DoD). Average traded value also decreased by 32.5 per cent to reach US$ 26.4 million as against US$ 39.0 million.

Stocks that contributed significantly to the volumes are UNITY, LOTCHEM, CNERGY, TRG and TELE.

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