KARACHI: The stock market fell by 101 points on Friday as re-imposition of lockdown dimmed prospects of quick economic recovery.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,439 points as against 33,540 points showing a decline of 101 points.
Analysts at Arif Habib Limited said that the market remained range bound throughout the session, trading between +160 points and -170 points, closing the session -101 points.
Re-imposition of lock down has dimmed the prospects of quick economic recovery / stabilization.
Expectation of rate cut renewed in the early part of the session with the possibility of an emergent meeting at SBP taking place anytime next week.
International crude prices also realized an increase of US$1 / bbl, but oil stocks barely moved on the spike.
FTSE rebalancing also created some excitement, but against expectation didn’t affect the banking sector much.
Brisk buying was observed in both MCB and BAFL. Banking sector led the volumes with 12.7 million shares, followed by Technology (10.4 million) and Power (10.2 million).
Among scrips, KEL posted 9.1 million shares, followed by UNITY (7.2 million) and BAFL (5.7 million).
Sectors contributing to the performance include E&P (+39 points), Banks (+15 points), Inv Banks (-25 points), Cement (-24 points), Fertilizer (-21 points), O&GMCs (-21 points) and Pharma (-16 points).
Volumes dropped from 216.2 million shares to 105.9 million shares (-51 percent DOD). Average traded value also declined by 49 percent to reach US$ 20 million as against US$ 38.9 million.
Stocks that contributed significantly to the volumes include KEL, UNITY, BAFL, PRLR 1, BGL, which formed 30 percent of total volumes.
Stocks that contributed positively to the index include MCB (+39 points), BAFL (+13 points), PPL (+12 points), POL (+11 points) and OGDC (+10 points).
Stocks that contributed negatively include DAWH (-25 points), UBL (-17 points), LUCK (-16 points), EFERT (-15 points), and MEBL (-13 points).