KARACHI: Pakistan Stocks ended down by 100 points on Friday owing to range-bound trading and depreciation of local currency.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 45,553 points from the previous day’s closing of 45,653 points, showing a decline of 100 points.
READ MORE: Stocks slide 390 points on volatile exchange rate
Analysts at Arif Habib Limited said that a range bound secession was observed at PSX today due to further devaluation of Pakistan Rupee (PKR) against US dollars and concerns over a spike in T-Bill yields.
The market opened in the green zone but failed to sustain the positive trend as profit selling was witnessed in the main board. The secession remained dull although 3rd tier stocks continued their positive momentum.
READ MORE: Pakistan stocks shed 62 points on profit taking
The Index closed at 45,553.02 down by 99.60 points (-0.22 per cent DoD). Sectors contributing to the performance include Misc. (-66.8 points), Chemical (-30.5 points), Fertilizer (-25.9 points), Banks (-24.8 points) and Power (-21.2 points).
Volumes increased from 186.4 million shares to 217.6 million shares (+16.7 per cent DoD). Average traded value decreased by 5.8 per cent to reach US$ 28.4 million as against US$ 30.1 million.
Stocks that contributed significantly to the volume are CNERGY, HUMNL, LOTCHEM, TPLP and GGL.
