KSE-100 ends week on a negative note

Despite witnessing one of the best weeks in recent times, the Pakistan Stock Exchange (PSX) was unable to sustain momentum, as the benchmark KSE-100 Index closed the final session of the week in red with a loss of 199 points.

Meanwhile, both the volume and value of shares traded declined from the previous session.

At close, the benchmark index settled at 45,067.98, a decrease of 198.98 points or 0.44%.

Market experts said that the market has taken a correction course in the last two sessions, after witnessing bullish trend throughout the week amid approval from the International Monetary Fund (IMF) Executive Board on the Stand-By Arrangement and the deposit of funds from Saudi Arabia and the UAE.

“Consolidation continued for the second day which has now seen a maximum correction of -2.01% for the KSE-100 Index,” said Arif Habib Limited (AHL), a brokerage house in a report.

“Addition consolidation can be seen early next week before the market resume upside to target 47,000,” it added.

On a weekly basis, PSX witnessed the highest average weekly volume since August 2022, AHL said in a separate note.

On the economic front, the Pakistani rupee sustained losses against the US dollar, depreciating 0.41% to settle at 277.59 in the inter-bank market on Friday.

Sectors pulling the benchmark index lower included, oil and gas exploration (69.13 points), technology and communication (41 points) and cement (37.23 points).

Volume on the all-share index decreased to 267.5 million from 489.2 million on Thursday, while the value of shares traded declined to Rs6.8 billion from Rs14.5 billion recorded in the previous session.

Telecard Limited was the volume leader with 31.1 million shares followed by WorldCall Telecom with 20 million shares and K-Electric Limited with 19.4 million shares.

Shares of 323 companies were traded on Friday, of which 98 registered an increase, 196 recorded a fall and 29 remained unchanged.