KARACHI: The stock market fell by 101 points on Friday after trading in range bound activity during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,865 points as against last day’s closing of 45,966 points showing a decline of 101 points.
Analysts at Arif Habib Limited said that the market traded in a narrow range today, oscillating between -213 points and +274 points.
FATF’s decision to maintain status quo for Pakistan till June 2021 saw a lukewarm welcome from Investors.
Profit booking was witnessed almost across the board, including Technology, Cement and Textile sector stocks, whereas O&GMCs faced aggressive selling, especially PSO, which has been facing wrath since announcement of financial results.
Cement sector stocks rallied earlier in the session on the back of anticipation of healthy sales in the ongoing month, however, profit booking by the end of session brought stock prices below LDCP (barring LUCK, which showed decent price gain).
Among scrips, UNITY realized trading volumes of 44.5 million shares, followed by TELE (36.6 million) and TRG (33 million).
Sectors contributing to the performance include E&P (-56 points), Technology (-33 points), Chemical (-31 points), Autos (-24 points), O&GMCs (-20 points) and Cement (+48 points).
Volumes increased from 468.9 million shares to 479.9 million shares (+2 percent DoD). Average traded value also increased by 11 percent to reach US$ 162.8 million as against US$ 147.1 million.
Stocks that contributed significantly to the volumes include UNITY, TELE, TRG, BYCO and HUMNL, which formed 33 percent of total volumes.
Stocks that contributed positively to the index include LUCK (+57 points), HBL (+34 points), SEARL (+21 points), FFC (+18 points) and ANL (+16 points). Stocks that contributed negatively include OGDC (-54 points), TRG (-45 points), COLG (-30 points), NML (-16 points) and NBP (-13 points).
