KARACHI: Pakistan stocks lost 441 points on Friday as the profit taking hammered the benchmark index to close in red zone.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down to 42,591 points from the previous day’s close of 43,032 points, showing a decline of 441 points.
Analysts at Arif Habib Limited said that the PSX witnessed a negative session due to the last day of rollover week as investors opted for profit-taking.
The first session consisted of dull activity despite opening in the green zone. However, in the second session investors opted for profit taking which hammered the index to close in the red zone.
Main board volumes stayed dry. On the contrary, hefty volumes were observed in the 3rd tier stocks.
The Index closed at 42,591.51 points, down by 441.06 points (-1.02 per cent DoD). Sectors contributing to the performance include Banks (-85.5 points), Technology (-64.0 points), OMC’s (-61.1 points), E&P (-48.3 points) and Cement (-37.7 points).
Volumes increased from 208.1 million shares to 265.8 million shares (+27.7 per cent DoD). Average traded value also increased by 16.1 per cent to reach US$ 40.9 million as against US$ 35.3 million.
Stocks that contributed significantly to the volumes are KEL, PRL, PAEL, CNERGY and HASCOL.