KARACHI: On Friday, Pakistan Stock Exchange (PSX) saw a decline of 301 points in its benchmark KSE-100 index.
The index closed at 40,050 points compared to the previous day’s closing of 40,351 points.
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Analysts at Arif Habib Limited attributed the decline to reports of the finance minister postponing his visit to the USA for negotiations with IMF. Despite opening positively, the market could not sustain the green belt and closed the week in the red.
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Main board volumes remained sluggish while third tier stocks led the board. Sectors that contributed to the performance included E&P’s (-96.7 points), Fertilizer (-56.7 points), Technology & Communication (-29.8 points), Cement (-26.6 points), and Power Generation & Distribution (-24.3 points).
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Volumes and the average traded value decreased from 171.4 million shares to 135.1 million shares (-21.1 per cent DoD) and from USD 18.0 million to USD 11.3 million, respectively. The stocks that contributed significantly to the volumes were JSBL, WTL, SILK, TOMCL, and TELE.
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