KARACHI: Pakistan stocks ended down 274 points on Friday as range bound trading observed during the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 42,075 points from previous day’s closing at 42,349 points, showing a decline of 274 points.
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Analysts at Arif Habib Limited said that the market remained range bound throughout the day as investors opted for profit taking.
The benchmark KSE-100 index opened in the positive zone but lackluster activity pulled the index down by 321 points.
The stock market in the previous two days celebrated the signing of Staff Level Agreement (SLA) between Pakistan and the International Monetary Fund (IMF).
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Analysts at Topline Securities said that range bound session was observed at the exchange as the index traded between an intraday high of 151 points and intraday low of 322 points to finally close at 42,075 level (down by -0.65 per cent).
The analysts at Arif Habib Limited said that volumes remained dry in the main board although healthy volumes were witnessed in the 3rd tier stocks.
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Sectors contributing to the performance include Banks (-69.7 points), E&P (-55.1 points), Cement (-45.7 points), Engineering (-21.5 points) and Fertilizer (-19.6 points).
Volumes decreased from 227.8 million shares to 140.1 million shares (-38.5 per cent DoD). Average traded value also decreased by 27.7 per cent to reach US$ 25.5 million as against US$ 35.2 million.
Stocks that contributed significantly to the volumes are PAEL, UNITY, SNGP, WTL and CNERGY.
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