Stocks remain negative in ongoing political chaos

Stocks remain negative in ongoing political chaos

KARACHI: Pakistan stocks remained traded in negative zone on Friday owing to ongoing political chaos.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,730 points from previous day’s closing of 42,819 points, showing a decline of 89 points.

READ MORE: Stocks shed 164 points on IMF review delay

Analysts at Arif Habib Limited said that the negative session was witnessed at the PSX during the day.

The market opened in the negative zone and continued to trade in the same range as a lackluster opening session concluded.

READ MORE: Pakistan equities gain 187 points in mixed trading session

Investors’ participation in the market remained low due to the ongoing political chaos. The second session began with the same momentum and remained negative until the closing bell.

The mainboard’s volumes remained decent, as third-tier companies continued to dominate the volume board.

READ MORE: Pakistan stocks end down amid profit taking

Sectors contributing to the performance include Commercial Banks (-27.4 points), Technology & Communication (-24.3 points), E&P’s (-22.4 points), Textile Composite (-12.0 points), Vanaspati & Allied Industries (-8.2 points).

READ MORE: Pakistan stocks shed 242 points over delay in IMF talks

Volumes increased from 181.2 million shares to 189.3 million shares (+4.4 per cent DoD). The average traded value decreased by 18 per cent to $22.7 million as against $27.6 million.

Stocks that contributed significantly to the volumes are UNITY, WTL, HASCOL, GCIL and FCCL.