KARACHI: The share market experienced a day of fluctuating activity on Friday, with the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) ending with a marginal gain of 5 points. The index closed at 40,569 points, compared to the previous day’s closing of 40,564 points, reflecting the restrained movement throughout the session.
Analysts at Arif Habib Limited noted that the share market initially plunged to a low of 40,262 points, registering a decline of over 300 points. However, as the day progressed, the market traded within a narrow range, oscillating between positive and negative territory by approximately 50 points.
Selling pressure was evident early in the session, particularly in the Cement, Exploration and Production (E&P), and Oil and Gas Marketing Companies (O&GMCs) sectors. Sui Northern Gas Pipelines Limited (SNGP) remained locked at its lower circuit throughout the session, while the E&P sector largely traded below its last day closing prices (LDCPs).
A recovery in the Cement sector played a pivotal role in stabilizing the share market. The sector regained momentum by the end of the first session and maintained its upward trajectory during the second half of the trading day.
In terms of trading volumes, Pakistan Refinery Limited (PRL) led with 28.1 million shares, followed by Unity Foods Limited (UNITY) with 19.5 million shares and TRG Pakistan Limited (TRG) with 15.2 million shares. These three stocks collectively contributed significantly to the share market’s activity.
Overall, trading volumes dropped by 26% to 243 million shares, compared to 328.3 million shares the previous day. Similarly, the average traded value decreased by 30%, settling at $49.9 million against $71.5 million a day earlier.
Key sectors influencing the share market’s performance included Technology and Banking, which added 5 points each, while E&P, O&GMCs, and Pharmaceuticals collectively dragged the index down by 19 points.
The share market’s top contributors to the index included Systems Limited (SYS), Habib Bank Limited (HBL), and Lucky Cement (LUCK), while major laggards included Pakistan Oilfields Limited (POL) and Oil & Gas Development Company (OGDC).
Despite the mixed performance, the share market’s resilience highlights investors’ cautious optimism amidst economic uncertainties.