Selling pressures grips PSX as KSE-100 Index loses 114 points

Bears returned to the bourse following a two-day rally, as selling pressure gripped participants on Friday with the benchmark KSE-100 Index losing over 110 points to settle below 47,700 on the final day of the week.

Continuing momentum from the previous day, the index remained in the positive zone in the first half of the session. However, selling pressure was observed in the second half as investors came to book their profits above the 48,000 level.

At close of trading , the KSE-100 finished at 47,686.18 points, a decline of 0.24% or 114.39 points. The KSE-100 Index gained 0.17% on week-on-week basis.

The decline comes as Pakistan’s trade deficit ballooned to $23 billion during FY21, up 33% YoY. Exports during FY21 were $ 25.3 billion, while imports stood at $ 56.1 billion. During the month of June 2021, Pakistan exports were recorded at $2.692 billion whereas monthly imports clocked in at $6.286 billion, showing a trade deficit of $3.594 billion.

KSE-100 opens FY22 on a high, gains 445 points

Volume on the all-share index decreased from 760 million shares on Thursday to 563.81 million on Friday. The value of shares traded during the session amounted to Rs16.32 billion.

Hascol Petrol was the volume leader with 49.54 million shares followed by WorldCall Telecom with 43.77 million shares, and Kohinoor Spinning at 28.88 million shares.

Shares of 414 companies were traded on Friday, of which 175 registered an increase, 224 recorded a fall, while 15 remained unchanged.